The flow of bitcoin to trading platforms by whales has increased rapidly in the past few days especially yesterday, June 21, 2021 indicating a possible start of a bear market.
Predicted “Charles ringing”financial expert ineconomic cycles thatprice Alpetkoan, which reachedhighest level ever at $ 64,000, will not be staying awayitlong time.
Bitcoin Flow Rise Amid Chinese Repression:
China’s central bank, the PBoC, has decided to let China’s crypto business already suffer from tight regulations toward cryptocurrency mining, as it has banned almost all banking services for crypto institutions.
While Bitcoin miners in China have no choice but to set up their operations elsewhere, that is the case for all other crypto companies now.
Already experiencing a broad market correction, the price of Bitcoin fell further once the China announcement made headlines.
As can be seen from the chart, the news of the Chinese bank ban has escalated the selling of whales and the influx of Bitcoin to the trading platforms.
Bitcoin whales have been buying the dips like the last two dips, but the price action appears to have shifted in the bears’ favour as large amounts of bitcoin flows towards the trading platforms during this new dip.
Charles Niner commented on the Bitcoin price:
I don’t have a higher price target.
We may have a new cycle, but I don’t think it’s going to go away from $64,000 for long.
That’s not all, with Bitcoin ETFs out of the question to be approved in 2021, the price of Bitcoin appears to be heading lower than expected.
Analyst and head of the Hedge Fund Michael Barry, known for his spotlight during the 2008 financial crisis, also sees bearish sentiment.
Barry predicted that the worst market crash ever was about to start with losses never seen before.