Urian B., Tech Times
Bitcoin has been soaring to new heights and has started gaining more and more attention. The top cryptocurrency recently experienced a massive dip in price from over $66,000, dropping down to just $64,000 in only a matter of seconds!
Could This Be a Market Correction?
Could this be the market correction that a lot of analysts have been warning about? As seen on CoinGecko, a massive drop happened with the price of Bitcoin falling from around $65,800 down to around $64,200.
There have long been warnings of a market crash by certain people like Robert Kiyosaki, the author of Rich Dad Poor Dad, but the question is, has the market crash really come, or was the dip a whale or whales cashing in on the new all-time high? As of the moment of this writing, the price of Bitcoin is closing towards $65,000 despite the massive dip.
The volatility of Bitcoin has also died down after that massive drop in price for the cryptocurrency. Whether Bitcoin could reach its recent glory at $66,000 or how long it will take remains to be seen.
The last massive performance of Bitcoin around the time of the drop was seen on the WhaleBot Alerts telegram account. There were two specific large transactions made namely the first one at 550 BTC and the second one at 247 BTC.
Bitcoin Price Drop
The first transfer was worth a whopping $35,829,576 in a single transaction, while the second transaction was worth a massive $16,049,052. As per the TX-link, however, on the Blockchain website, it was seen that 585.54072746 BTC was the input and 585.54067991 BTC was the output of the transaction.
This, however, wasn’t the biggest transaction seen as there was another 802 BTC that was transferred from Xapo to Binance. The transaction was reportedly worth $52,368,444 as seen on the TX-link.
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Cryptocurrency Price Prediction
There have long been talks of Bitcoin’s fall, and this is due to its massive price despite long talks of a reversal in market direction. However, as to whether Bitcoin is bullish or bearish, this remains to be seen as the incident has just recently happened.
Despite the massive dip in Bitcoin, it remains to be seen as to whether or not it is the alt season as there are still other cryptocurrencies that remain unaffected by the massive drop in Bitcoin. Other currencies, however, also experienced a huge drop. Analysts have reportedly warned of a potential pullback in the recent crypto ETF launch.
ICP is also a currency that experienced a massive dip when Bitcoin dropped in price as well. The currency fell from around $47.70 down to around $46.60, and as of the time of this writing, the price of the currency is around $46.60.
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Written by Urian B.
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