Crypto whales (large volume investors) seem to be unaffected by the latest updates and continue investing their money into to the largest crypto in terms of market cap.
According to several sources, there are currently 92 wallet addresses that hold between 10,000 and 100,000 BTC. For comparison, there were 79 addresses at the beginning of March 2022.
As long as whales keep supporting the asset, there is a good chance that a turnaround will come in the upcoming weeks.
From what we’ve seen so far in the crypto market, a rise in demand is typically followed by a bullish trend.
What’s more, the MVRV (Market Value Realized Value) suggests that Bitcoin is already back in the ‘buy zone’, which indicates that the current price is significantly undervalued.
Whales might push for even lower BTC prices and will then go for the ultimate swing that will not only surpass the $20,000 mark, but start a strong bullish trend.
Considering this information, it’s very possible for Bitcoin to recover, but it’s essential for it to first maintain the $19,600 mark.
In case the demand suddenly plummets, investors have to be ready for another bearish run that could lead to a price below $19,000.
Interestingly, some analysts have pointed out that we’re seeing the so-called “September” phenomenon once again.
Over the past few years, we’ve always seen Bitcoin’s value slightly decline at the beginning of September, and it seems that this year is no different.
We already mentioned that the upcoming Ethereum Merge could be one of the catalysts, but there are a few other possibilities that should be explored.
For starters, the energy crisis is rapidly unfolding all over Europe as the war in Ukraine continues with no foreseeable end.
Additionally, the euro just recorded a new twenty-year low in comparison to the United States dollar and the stock market is still facing a strong greenback.
All of these factors combined could be responsible for Bitcoin’s slow September start.