Bitcoin price faces major ‘summer of 2021’ style correction despite BTC whale buying

Bitcoin whales have become accumulators again, but analysts say BTC is still at risk of another sharp correction.

Bitcoin (BTC) is at a “pivotal point” as several onchain metrics signal further downside while whales experience the fastest BTC accumulation rate in more than a year, according to a new CryptoQuant report.

Bitcoin has been in a downtrend since turning away from its new all-time high in March. Over the last month, Bitcoin’s price action has been characterized by a series of lower highs and lower lows, reaching a two-month low at $53,500 on July 5.

Despite rebounding back above $57,000, continued Bitcoin selling by the German government and Mt. Gox repayments threaten further losses for BTC.

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