What happened to the cryptocurrency market? As of the moment, Bitcoin dropped over 10%, which leaves a mark looking like crypto whales finally took profit. A certain crypto whale on Twitter noted that the dip is nothing compared to what traders might be able to see in the future.
Mr. Whale Warns Market Could Go to $10K
According to Mr. Whale on Twitter, the account notes that they have full confidence that the bear market will now bring the prices below $40K, then $30K, then finally even under $10K in 2022. The warning isn't an invitation to sell for those holding Bitcoin and other long-term assets but rather either to HODL or get ready to purchase .
The account noted that everyone saw the bounce to $50K and that the account warned about it in May. As of the moment, it was noted that traders and investors are witnessing the dead cat. It was noted that in Mr. Whale's opinion, for those that think that the price of $BTC will breach its ATH yet again and reach $100K, those that believe should buy more.
Bitcoin Drops in Price
Mr. Whale also warned that everyone should do their own research and come up with their very own analysis. As of the moment, it is important for those that are planning to trade or invest in crypto to do their due research and although the last drop wasn't that far behind, there is really no fixed timeline as to when the next drop will be.
One thing, however, that usually happens is when the price of Bitcoin drops as crypto whales are taking profit, so do other cryptocurrencies and altcoins. The exit of crypto whales can cause a massive drop in cryptocurrency. As of the moment, this is seen in the sudden drop in $BTC.
FEAR Market Cycle
When the price of $BTC goes down, the prices of other cryptocurrencies go down as well. There are, however, some altcoins that remain unaffected by the market. Currently, $NEAR paired with $BTC is the most bullish coin on Binance, spiking about the same time that $BTC dipped.
One of the keys to surviving a bullish market is to find out where crypto whales are putting their money in and holding your coins through the bearish market. The same thing happened with $HEX during the bloody drop from $BTC's previous all-time high.
NFT Games and Investing Platforms
Aside from HODLing or following the crypto whales, NFT games are still functioning like how they were built. Games like "Axie Infinity" still provide gamers with the potential to earn while playing through $SLP rewards.
Of course, NFT games still do not present a guaranteed profit. As of the moment, for those that want to earn safe and consistent returns, there are certain platforms like Nexo that allow investors to put money into their platform in order to earn a fixed return.
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Written by Urian B.