U.Today - A report published by on-chain data aggregator Santiment has revealed that Bitcoin whales have started reversing their market tactics and are buying back the BTC they sold recently.
The month is still young, and whales have already grabbed back almost half a billion USD worth of Bitcoin.
Bitcoin whales buying it back
Santiment reported that BTC whales and sharks have undergone several major transformations over the past half-year. They started accumulating large amounts of Bitcoin, then paused their accumulation, finally dumping it. The most recent sales took place between the middle of February and March.As March kicked off, these whales with a minimum of 10 BTC in their wallets have begun buying Bitcoin again and have accumulated 5,000 BTC already. This amount of the leading cryptocurrency is valued at $408,010,750 at press time.
So far, the Bitcoin price has not reacted to this massive accumulation. However, the Santiment team believes that the situation may change in the second half of March and play out “much better than the bloodbath we’ve seen since Bitcoin’s ATH 7 weeks ago.” That is if these large whales continue to buy Bitcoin, the tweet stated.
Mike McGlone predicts Bitcoin dropping to $70,000
Over the past three days, Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, has tweeted that he believes a large Bitcoin decline is likely this year. On Friday, McGlone tweeted that due to rigid U.S. external economic policy, the stock market is plunging and Bitcoin is mirroring it closely.McGlone said the only asset benefiting from the current situation is gold, which is a traditional safe-haven asset. The market mostly treats Bitcoin as a risk-on asset.
The expert also likened Bitcoin to the Nasdaq 100 peak in the early 2000s, when it reached an all-time high of 5,000 points at the peak of the dot-com bubble and then crashed by 80%. McGlone expressed an opinion that Bitcoin is likely to face the same fate this year and crash after reaching a peak of $100,000. He did not specify whether this crash is happening already or he expects this scenario to play out later this year.
Earlier today, McGlone predicted that Bitcoin may potentially crash to $70,000 this year.