Right now, the Bitcoin price is at about $49,300. Not a bad bounce if we consider that it was approaching the $41,000 mark just this morning.
I came across a video from Bitboy Crypto earlier in which he was visibly shocked, as most other Bitcoiners and announced that he would dump Bitcoin positions if the price should fall below the $40,000 level.
I personally see it differently, firstly I doubt that it will come to that and even if the $40,000 shall not hold, I don’t think we will drift into a bear market.
Let’s put ourselves in the situation of the whales who want to buy Bitcoins. Would they rather buy at $41,000, or at $55,000? The answer should be clear. And what is the best way to bring the price to a violent fall in order to buy cheaply? Sell orders are placed at a time when trading volume is extremely low. That was the case in the night from Friday to Saturday. The selling pressure triggered stop orders that caused the price to plummet to almost 41,000 in a matter of minutes. Perfect for all whales to re-buy.
Translated with www.DeepL.com/Translator (free version)