According to the analyst, the bids by crypto whales have been filled more often than not. That doesn’t mean that Bitcoin must drop to the stated levels, but the $29-32k area looks highly likely as the Bitfinex whale placed buy orders below $34k. However, the analyst doesn’t expect Bitcoin to reach $28k lows.
Besides Bitcoin, Credible Crypto closely observes the performance of CRV, the governance token of the decentralized exchange Curve Finance primary designed for swapping stablecoins. Analyst warns CRV holders that the token may drop in price if Bitcoin dips lower.
“Have hit my downside targets on this dip but $BTC still lingers on in the mid 30k's. Was hoping $BTC would have made a decisive move by now so have to be a little more cautious on $CRV in the immediate short term as if $BTC makes another swing lower this higher low may not hold,” Credible tweeted.
Following the Federal Reserve’s 0.5% rate hike on May 4, the crypto market entered a bear trend, with Bitcoin losing 15% and trading at $33.5k at the time of writing. The Fear and Greed Index is currently at 11 points, indicating that the market is deep in extreme fear. However, Credible Crypto calls for investors to hold.
“You either swim with the whales or be the fish that they feed on. Don't sell your crypto to the whales at a 50% discount- keep it for yourself,” the analyst advises.