Analyst predicts $52k Bitcoin amid declining whale activity

Bitcoin
(BTC)
has
gained
bullish
momentum
amid
declining
whale
activity
while
an
analyst
expects
a
downfall
to
the
$52,000
mark
could
be
possible.

BTC
is
up
by
3.5%
in
the
past
24
hours
and
is
trading
at
$63,170
at
the
time
of
writing.
The
asset’s
market
cap
surged
to
$1.24
trillion
with
a
daily

trading
volume
of
$21.5
billion.

According
to
data
provided
by
Santiment,
whale
transactions
consisting
of
at
least
$100,000
worth
of
BTC
have
been
consistently
declining
over
the
past
four
days
—
falling
from
9,408
transactions
on
May
9
to
4,974
unique
transactions
at
the
reporting
time.

The
declining
whale
activity
could
mean
that
big
players
might
be
waiting
for
a
price
surge.
Notably,
the
Bitcoin
whale
activity
has
dropped
to
this
level
for
the
first
time
since
December
2018,
data
shows.

Per
a
report
on
May
12,
the
on-chain
activity
on
the
Bitcoin
network

plunged
to
its
five-year
lows
—
last
noticed
in
2019. 

On
the
other
hand,
the
Bitcoin
Relative
Strength
Index
(RSI)
is
currently
hovering
at
44,
according
to
Santiment.
The
indicator
shows
that
the
flagship
cryptocurrency
is
slightly
undervalued
at
this
point.

With
the
recent
indicators
in
play,
BTC
could
potentially
witness
a
further
price
hike.

However,
veteran
investor
and
analyst
Michaël
van
de
Poppe
said
in
an
X
post
that

Bitcoin
is
hovering
in
“the
crucial
level
of
support.”
He
added
that
negative
news
could
trigger
a
fall
to
the
$60,000
mark. 

The
analyst
believes
that
dropping
below
the
$60,000
zone
could
potentially
trigger
“a
test”
between
$52,000
and
$55,000.