A popular analyst, known under the pseudonym JrKripto in the Turkish crypto market, shared his route and stops according to two scenarios regarding the Bitcoin (BTC) price to his 153 thousand followers on his Twitter account. In addition, according to on-chain data, whales are unstable as BTC cannot hold above $ 42 thousand.
2 different scenarios for Bitcoin
Drawing attention to the date of March 16, JrKripto predicts that there are two different scenarios for Bitcoin, above and below $ 45,500, and if there is permanence above it, it will follow a route to above $ 63 thousand, and if there is permanence below it, there will be a decrease towards $ 32 thousand:
Bitcoin needs to be looked at in 2 scenarios, above and below the $ 45,500 level! Permanence above $45,500, $52,230, $59,950, $63,696 targets! Persistence below $45,500 wants to revisit Lower support levels! -$41,600 -$37,739 -$32,124 targets! The direction is determined on March 16!
Whales undecided as BTC can’t keep above $40,000
As reported by Somanews, the leading crypto is down more than 8% from its recent local peak above $42,500. However, on-chain data shows that this does not affect the optimism of smallholder holders. While buying Bitcoin wallets with less than 1 BTC, whales remain cautious.
According to charts provided by the on-chain analytics platform Ecoinometrics, there are currently two clear patterns of accumulation/distribution in the Bitcoin (BTC) community.
The first is shown on accounts with a balance of 1 BTC or less. They have been accumulating BTC since the beginning of the 3rd quarter of 2021: in total they have increased their balances by almost 10%. This process faded only once, when BTC reached its most recent historic high of over $69,000 in November 2021. In contrast, the biggest whales in the Bitcoin network, each holding 1,000-10,000 BTC, are not so enthusiastic. For the past 30 days, the biggest Bitcoin users have been handing out their bags.
Top whales were accumulating in Q4 2020 and Q2 and Q3 2021. Therefore, their net balance is almost the same as 15 months ago. Also, a reliable on-chain indicator suggests that Bitcoin’s price may have already bottomed out. The share of Bitcoin supply held by the ‘paper hands’ is currently very low.