Increasing Pressure on BTC Prices

As the Bitcoin price continues to trade under selling pressure, the market is seeing growing calls for a price below $50,000 BTC.

Leading voices in the crypto world, including BitMEX CEO Arthur Hayes and veteran trader Peter Brandt, foresee further declines. This trend, however, has kept Bitcoin whales from snapping up BTC at every price drop.

Whale Activity Amidst a Declining Market

According to data from Spot On Chain, a newly identified BTC whale has withdrawn 1,145 BTC, worth $65.1 million, from crypto exchange Binance in the past four days.

The whale has been buying at every price dip, accumulating Bitcoins through seven separate transactions for an average price of $56,841 per BTC. This whale is making the most of the current BTC price drop, showing confidence in the digital asset's future.

Small Traders vs. Big Whales

While small traders have been losing patience and offloading their BTC at price dips, giant whales have been actively accumulating during this period.

Crypto analytics platform Santiment reports that Bitcoin whales have amassed over $7.8 billion worth of BTC in the last month, even when the BTC price slipped under $50,000 in early August.

Santiment noted, "Over the past month, wallets with 10-10K BTC have collectively accumulated 133.3K more coins while smaller traders continue to impatiently transfer their holdings to them."

Market Awaits US Jobs Data

The market is anxiously awaiting the release of US nonfarm Payroll (NFP) data. This data is crucial as the upcoming US Fed rate cut decision largely depends on it.

The US employment figures have dropped to 2021 lows, adding to the uncertainty. Despite optimism around a Fed rate cut, the possibility of a US recession has yet to be averted entirely.

Like Riot Platforms, Bitcoin miners have also been stacking their BTC, recently announcing they now hold over 10,000 Bitcoins.

"BTC I'm gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am a degen," wrote Arthur Hayes.

Predictions of Further Declines

As Bitcoin flirts around $56,700, calls for an additional 12-15% correction are on the rise. BitMEX CEO Arthur Hayes has made a bold prediction that BTC will dip below $50,000 this weekend.

Similarly, veteran trader Peter Brandt has pointed to an "inverted expanding triangle" or "megaphone" formation on the charts, predicting a BTC price dip to $46,000. The market is closely watching whether Bitcoin whales' continuous accumulation can avert these bearish predictions.