The ‘whale’ gang has since become increasingly aggressive in ‘pump’ and ‘dump’ measures. The process of selling and buying became more frequent among whale gangs so much so that it was seen as a key market sentiment indicator as the group often went hand in hand when prices were plummeting and started buying if it was believed to have reached a low price point.
Thus often times the market assumes that the purchase of the group is at one price point, it means that it is in the lowest price range. A handful of cryptocurrencies are starting to change the pattern of the game towards ‘traders’.
The Bitcoin price for the first time recorded a red candle stick for the monthly timeframe in May. In May alone the BTC price has fallen from an all -time high of 64,685. BTC has now been trading between the $ 36,000 to $ 40,000 price range for almost 3 weeks.
Analysts are of the opinion that if the BTC price is able to surpass the $ 40,000 price level then most likely the BTC volatility will be in the range of $ 40.00 to $ 42,000 and the action of the whale group will play an important role.
The first week of May saw crypto market capitalization fall by more than $ 500 billion from $ 2 trillion market capitalization. However, this is not a new thing, the market has undergone a major correction in 2017 and 2013. On that basis, those who have long dabbled are of the opinion that the BTC price could soar higher than the $ 60,000 level.
Finally also influencing the sale of BTC on a large scale is the high ‘leverage’ on trade and some ‘FUD’ including China’s ban on crypto and crypto mining.
