**Bitcoin Price Decline Sparks Whale Accumulation Amid Extreme Fear Index**
As Bitcoin’s price continues its downward trend, whales are taking advantage of the situation by accumulating 15,000 BTC, coinciding with the Fear & Greed Index hitting an extreme low of 10. Today, Bitcoin’s sharp decline saw it reach a multi-month low just above $82,000 before experiencing a slight recovery. The asset’s rebound attempt is currently facing resistance at the $86,900 level.
Data from IntoTheBlock reveals that significant Bitcoin holders are increasing their positions. Wallets containing at least 0.1% of Bitcoin’s circulating supply have amassed nearly 15,000 BTC at prices below $90,000, amounting to approximately $1.28 billion in new acquisitions. Historically, such whale activity has been associated with periods of strong market confidence and potential price recoveries. The increasing participation of institutional investors indicates they may be positioning themselves for a market turnaround. [Source](https://twitter.com/intotheblock/status/1895063818784420039)
This substantial acquisition occurs amidst a 12% drop in Bitcoin’s price over the past few days. The ongoing decline has intensified market uncertainty, with many investors fearing the onset of a bear market. The crypto market’s Fear & Greed Index currently stands at 10 out of 100, indicating Extreme Fear, the lowest level recorded since 2022. Historically, such extreme fear levels have marked significant price bottoms, with long-term investors often viewing these conditions as potential buying opportunities.
**Key Figures Weigh in on Market Movements**
Public commentary from influential figures reflects the prevailing institutional sentiment surrounding Bitcoin. In a post on X, Eric Trump, son of former U.S. President Donald Trump, commented on the crypto market downturn, encouraging investors to “Buy the dips.” His statement quickly resonated with Bitcoin supporters who perceive corrections as buying opportunities. Michael Saylor, Executive Chairman of Strategy, referred to the Bitcoin price drop as a “flash sale” opportunity. He also responded to Eric Trump’s remarks, underscoring the significance of market volatility in long-term investment strategies, stating, “Volatility is a gift to the faithful.” [Source](https://twitter.com/saylor/status/1894373799845372364)
**Analysts Assess Bitcoin’s Market Cycle**
While sentiment among investors and institutions remains mixed, analysts are actively evaluating Bitcoin’s broader market cycle. Ki Young Ju, CEO of CryptoQuant, addressed concerns regarding the ongoing market downturn, asserting that it is “way too early to panic.” He pointed out that 30% corrections are typical in Bitcoin bull market cycles, referencing the 2021 cycle when Bitcoin experienced a 53% drop before reaching a new all-time high. Young Ju indicated that Bitcoin’s maximum downside in this cycle could be around $77,000, aligning with a 30% retracement from its all-time high. He further suggested that Bitcoin would only confirm entry into a bear market if certain conditions are met.
