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Bitcoin Whales Rapidly Buying It Back – 5,000 BTC Added in March
Mike McGlone, a well-known crypto expert and commodities analyst, has recently predicted a significant decline in the value of Bitcoin this year. According to McGlone’s tweet, he believes that due to the rigid US external economic policy, the stock market is plummeting, and Bitcoin is closely mirroring its movements. In his opinion, gold is the only asset benefiting from the current situation as it traditionally serves as a safe-haven asset.
As McGlone noted, Bitcoin is often viewed as a risk-on asset in the market, which means it can be highly volatile. He further compared Bitcoin’s recent surge to the 2000 dot-com bubble peak when the Nasdaq 100 index reached an all-time high of around $5,000 points before crashing by 80%. McGlone fears that Bitcoin may repeat a similar fate this year and reach a peak of $100,000, followed by a significant crash.
In more recent developments, it has been observed that large-scale investors, commonly referred to as ‘whales,’ are rapidly buying back their shares of Bitcoin. According to data from various sources, including blockchain analytics platforms, 5,000 BTC were added to the market in March alone.
Source: https://u.today/bitcoin-whales-rapidly-buying-it-back-5000-btc-added-in-march
