Bitcoin Price Prediction as the Coin Corrects to $25.8k After Traders Withdrew $100 Million in BTC from Binance
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The Bitcoin price saw another dip over the weekend, similar to the one on May 5th.
After a brief recovery between May 7th, BTC first dropped to $26.4k, where it remained for the rest of last week, until Saturday, when it crashed to a support at $25.8k, finally dropping below $26,000 once more.
Since the drop, the price has been mostly stable, although Bitcoin trading sideways typically does not last.
The big question now is whether the price is going to recover again or break the support and continue the drop.
Experts believe that BTC might see a potential bullish rally of about +20-25% if the coin maintains its position above the trendline and successfully breaks out from the wedge to the upside.
However, a bearish rally toward $21.5k is just as possible if the current support breaks.
Others have argued that BTC needs to see $23k and $25k for future gain.
The price came too close to the channel support and this time, Bitcoin will have to see even more correction to the downside for long-term gains.
$100 million in BTC leaves Binance
Bitcoin has also seen some negative news over the last few days that may have had an impact on investors and through them, the price.
For example, due to its current clash with the SEC, Binance started losing the support of the crypto community.
Traders have withdrawn over $100 million worth of Bitcoin lately, likely in fear that the regulators might force the exchange to freeze the accounts and the funds within.
A massive withdrawal resulted in a record-breaking number of 94,466 unique BTC addresses, making this an all-time high in terms of Bitcoin transactions.
Whales are buying Bitcoin while a decade-old wallet shows signs of life
There have also been some positive developments, at least as far as BTC is concerned.
Experienced trading expert Peter Brandt stated that Bitcoin is the only safe asset and that all other cryptos are scams, including Ethereum.
Bitcoin whales have also started making their own moves, adding 57,578 BTC amid the recent dip.
The whales’ move to accumulate BTC took analysts by surprise, as it contradicts precious patterns, which led to a sense of uncertainty among the experts.
Given the whales’ behavior, analysts have started second-guessing their own predictions.
Lastly, Crypto Twitter blew up recently in discussions regarding Satoshi Nakamoto, Bitcoin’s mysterious creator.
Nakamoto became a hot topic after Thursday’s report revealed that a decade-old BTC wallet, with over $37 million worth of BTC inside of it, came back to life.
The wallet is believed to be from the Satoshi era and may even belong to Bitcoin’s developer.
Wall Street Memes raises over $6.19 million
While Bitcoin is currently surrounded by uncertainty, investors are turning to new cryptocurrencies, specifically those that are still holding a presale.
One example is Wall Street Memes (WSM) — a project inspired by the subreddit Wall Street Bets.
Wall Street Bets’ stood up against institutional investors that attempted to destroy several companies for profit by shorting their stocks in 2021.
The successful response by amateur investors inspired the creation of WSM — a brand new meme coin that attracted massive support, already raising $6.19 million.
The project is in the middle of its presale, and for another 24 hours, it can be acquired for $0.0283 per token.
After that, its price will increase to $0.0286. You can buy it with ETH, USDT, or a card.
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