While the price of Bitcoin fell below $ 9,000 again and BTC traded in the $ 8,700 zone, crypto expert Whale Panda shared some data that could be considered bullish.
He wrote that the crypto investment fund Grayscale bought more BTC than was generated by miners on May 11 (when a programmed supply cut – halving) took place through Jack Dorsey Square.
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 Wall Street hedge funds actively buy the new offer of BTC?
He seems to be expecting to hear an answer that the price of BTC will probably jump.
Whale Panda turned to Twitter to share his opinion on crypto investment funds, which have been actively buying newly issued bitcoins since May 11.
He mentioned only Greyscale (who already hold about 1.7% of all Bitcoin in circulation) and Square Crypto, a crypto division of the Square app created by Twitter CEO Jack Dorsey.
However, he mentioned that these are just two companies that are “absorbing the whole new offer” of Bitcoin, created after the halving event.
Crypto Panda suggests that in the short or medium term, the price of Bitcoin may jump.
However, not all his followers agree with this proposal.
Analyst sees “strong bullish indicator”
On his Twitter page, Charles Edwards of Capriole Investments, a digital asset management company, wrote about the diggers’ second capitulation of the year.
However, he said that this happened after each reduction in the supply of Bitcoin (also within 21 days of each), which is a strong bullish indicator.
“Bulls must act within 24-48 hours”
The Credible Crypto trader wrote to his 57,800 followers that the BTC market is currently at a turning point. According to the daily schedule, there is a clear but hidden bullish divergence.
However, if the price of Bitcoin falls below $ 8,500, the bullish divergence will not disappear.
The trader also mentioned XRP , saying that the fourth largest coin also shows a hidden bullish divergence.