As it is known, Bitcoin price fell below the $ 9,000 level again, and is currently trading in the $ 8700-8800 level. Crypto expert WhalePanda, on the other hand, shared some data on this subject and stated that under certain conditions, the bull market could be entered.
Expert analyst, Grayscale crypto investment fund; He stated that Jack Dorsey has received more BTC than the miners produced by May 11 through the Square Crypto.
Following this data, Whale Alert asked the community a question: What will happen to the price of BTC in the short or medium term if hedge funds from Wall Street are actively receiving the new BTC supply?
We think the account expects to hear an answer that the BTC price will go up.
‘New BTC Supply Rapidly Melts’
WhalePanda shared its thoughts on crypto mutual funds that bought newly printed Bitcoin after the split.
In this context, the expert analyst only mentioned Grayscale (currently holding 1.7% of all circulating Bitcoin in circulation) and Jack Dorsey’s Crypto Square.
However, the analyst stated that these are two companies that ‘absorbed all the new supply’ of Bitcoin after the split.
WhalePanda ultimately hinted that Bitcoin price could rise in the short or medium term.
If #Bitcoin bought by @GrayscaleInvest ( $GBTC) + $BTC bought through @sqcrypto > coins currently mined by miners.
Then what will happen to the price in short to medium term (over the next couple of weeks).
That's just 2 onramps soaking up the entire new supply.
— WhalePanda (@WhalePanda) May 25, 2020
However, the analyst’s followers disagree with this proposal.
Analyst sees ‘a big bull flag’
Charles Edwards of Capriole Investments, a company dealing with digital asset management, posted his second miner surrender of the year on his Twitter page.
He noted, however, that this happened after the previous Bitcoin supply cuts (within 21 days), which is a big bull flag.
‘Bulls Need to Move Within 24-48 Hours’
Trader ‘Credible Crypto’, which has a large audience, shared that the TTC market is now at a crossroads. He said there was a clear but hidden rise in the daily chart.
However, if the price of Bitcoin falls below $ 8,500, it is also known that the uptrend will go away.
Trader also talked about XRP and said that the fourth largest coin also showed a hidden upward difference.
We are at a pivotal point. $BTC showing a clean hidden bullish div on the daily, but any daily close below 8500 invalidates it. $XRP also showing a hidden bull div with RSI reaching the apex of a TL squeeze. Bulls need to show up within 24-48 hours or I expect we break down. pic.twitter.com/5EkEf6hOdm
— Credible Crypto (@CredibleCrypto) May 25, 2020