Analyst Predicts $52K Bitcoin Amid Declining Whale Activity

Bitcoin (Bitcoin) has gained bullish momentum amid declining whale activity, while one analyst expects a drop to the $52,000 mark may be possible.

BTC is up 3.5% in the last 24 hours and is trading at $63,170 at the time of writing. The asset’s market capitalization rose to $1.24 trillion with a daily estimate volume of business of US$ 21.5 billion.

BTC Price, RSI and Whale Activity – May 13 | Source: Santíment

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 – dropping from 9,408 transactions on May 9 to 4,974 unique transactions at the time of reporting.

The decline in whale activity could mean that big players could be waiting for a price increase. Notably, Bitcoin whale activity fell to this level for the first time since December 2018, data shows.

According to a May 12 report, on-chain activity on the Bitcoin network sank to their five-year lows – last seen in 2019.

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

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

However, veteran investor and analyst Michaël van de Poppe said in an X post that Bitcoin is hovering at the “crucial support level.” He added that negative news could trigger a drop to the $60,000 mark.

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

Fuente