Bitcoin (BTC) has been on a bullish streak as whale activity decreases, with analysts suggesting a potential drop to $52,000.
As of the time of writing, BTC has surged by 3.5% in the last 24 hours, reaching a trading price of $63,170. The cryptocurrency’s market cap has soared to $1.24 trillion, with a daily trading volume of $21.5 billion.
Data from Santiment reveals a consistent decline in whale transactions involving at least $100,000 worth of BTC over the past four days. The number of unique transactions has plummeted from 9,408 on May 9 to 4,974 at the current reporting time.
This decrease in whale activity could indicate that major players are anticipating a price increase. Notably, Bitcoin’s whale activity has reached its lowest level since December 2018.
A report from May 12 highlights that on-chain activity on the Bitcoin network has dropped to levels not seen in five years, last observed in 2019.
Meanwhile, the Bitcoin Relative Strength Index (RSI) stands at 44, indicating that the cryptocurrency is slightly undervalued at the moment. With these recent developments, BTC could potentially experience a further price surge.
However, experienced investor and analyst Michaël van de Poppe warned in a recent post that Bitcoin is currently at a critical support level. He cautioned that negative news could lead to a decline towards the $60,000 mark, with a potential test between $52,000 and $55,000.
In other news, KITTY token has seen an 8,000% surge amid the return of GameStop investor Roaring Kitty.