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Saturday, April 17, 2021

Bitcoin Rally Has Slowed After Whales Wealth Transferred To Retail

The bull run of Bitcoin has slowed down and this has been suggested by Glassnode, the company for cryptocurrency analytics. This analytics provider firm named Glassnode has recently reported that the ongoing in-chain indicator points towards the fact that the bull market of Bitcoin might be entering into its later stages.

The reason for this slowing down might be in the actions of the whales of the BTC.

Bull Run of Bitcoin Slowing Down

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During this 22nd March week, the reports of on-chain have indicated the pattern of sliding downwards according to the number of whales of Bitcoin even though there is a stable accumulation from the wallets carrying 1 BTC or lesser from 2018 March.

The addresses of the BTC whales hold more than 100BTC that has been considerably flat in comparison with the bundle presently possessing 62.6% supply that suggests a 0.87% increase during the last 12 months.

The reports have informed that the bullish pattern generally shows a similar path of wealth transfer in the 3 different phases that can be utilized in order to estimate the stage the present cycle belongs to. High hodl phases represent an inflection point from where the biggest proportion of the holders of long-term or LTH possess coins that are in profits.

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Along with Glassnode, Jiang Zhuoer, CEO of BTC.TOP, a mining pool of Chinese origin, has also been speculating the end of the bullish pattern for Bitcoin. The investments from MicroStrategy and Tesla in BTC are also gradually waning and this might be a potential reason for the declining bull run of the leading cryptocurrency.

Timothy Peterson, investment manager, also remarked that the decline is related to the bear market and suggested that BTC might slide to a $25,000 level.

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