BTC On-Chain Data Signals Start Of Bear Market, When Will BTC Reach $64k Again?

Bitcoin exchange inflow by whales has grown rapidly in last few days especially on 21st June, 2021 signally a possible start of bear market. Famous financial cycle expert Charles Nenner has predicted that Bitcoin price all time high of $64,000 is not going to be taken out for a long time.

Bitcoin Exchange Inflow Spikes Amid Chinese Crackdown

Chinese crypto businesses already suffering with crypto mining regulations were left to tears by Chinese Central Bank PBoC as it banned almost all banking services for crypto establishments. While crypto miners in China have no option but to set up their operations elsewhere, same is the case for all other crypto businesses now. The Bitcoin price already suffering with market wide correction declined further as soon as this announcement made mainstream news headlines.

As is clear from the chart, Chinese banking ban news escalated the whale selling and Bitcoin inflow to exchanges.

Bitcoin whales were buying dips in last couple of declines but price action seems to have shifted in bears favor over large exchange inflows during this fresh dip.

Famous geopolitical and financial cycle expert Charles Nenner in his comments on Bitcoin Price said,

“I have no higher price target. We might have a new up cycle, but I don’t think the top ($64,000) is going to be taken out for a long time.”

This is not all, with Bitcoin ETF out of question in 2021, Bitcoin price seems to be turning bearish faster than expected. Michael Burry known for his on point prediction during 2008 financial crisis, also favors bearish sentiments. The Big short fam Hedge fund manager has predicted the worst market crash ever is about to commence with losses never seen before.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com