The price of Bitcoin has continued to decline over the past weeks, plummeting to its lowest in more than a month, at $60,860, before trading at $61k price, as analysts project a further plunge in price.
The falls have been reportedly spurred by sell-offs and significant dumping activity among some of the digital asset’s largest holders, and also due to negative ETF flows and poor macro data from prior weeks.
According to Whale Alert, which monitors the digital wallets of some of the world’s largest BTC holders, Bitcoin Whales have moved millions worth of treasuries. One Whale reportedly moved 10,500 BTC worth some $675 million on Saturday. Also, Whale Panda, another crypto whale tracker, noted that there have been 18 days of dumping among large BTC holders.
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This has seen the price of the digital currency down by nearly 5% in the last seven days but remains on a +100% spike in the past year. On June 23, the average Bitcoin transaction fee reached $1.93 per transaction, its lowest level since October 2023. From the peak of $73,000, Bitcoin prices have slid by nearly 17%, while trading at $61,209 as of the time of writing this report.
Notably, Bitcoin’s decline has also seen broader bearish markets as major crypto tokens traded in the red on Monday as negative ETF flows weighed on the asset. The other major cryptos such as Ethereum fell by(4.04%), XRP (2.97%), Dogecoin (XRP (2.97%), Avalanche (5.19), Tron (1.12%), Cardano (3.68%), Solana (7.28%), BNB (3.79%), Toncoin (4.89%) and Polygon (4.41%)
As the global cryptocurrency market shed tens of billions of dollars in value, the overall global crypto market cap has slipped 4.7% in the last day, bringing its market cap to $2.24 trillion.
Contrary to the current trends, the surge in BTC prices has been on the back of strong ETF inflows in the crypto asset. The price of the crypto asset has been met with mixed reactions as several analysts and traders predict further price decline.
Prominent crypto analyst Willy Woo wrote on X that he predicts the price of Bitcoin to cool down between 1-4 weeks, suggesting that the price of the digital asset will likely plunge further before it retraces for a significant pump.
Despite the uncertainty about the price of Bitcoin, there are still several analysts, who believe that a bullish retracement will soon emerge, stating that the price of Bitcoin’s bearish move was necessary in the bull run.
Bitcoin expert Carl Menger says the current bearish price action is a gift, which he describes as a healthy correction. Also, crypto trader Macro Johanning shares similar views, stating that he expects BTC to go down further to range low, with reversal possibly arriving within the next two or three weeks.