Everything depends on the whales, how much they plan to buy. Obviously, only whales influence the change in the cost of bitcoins. We little fish can only guess how the price will change.
Not everything depends on whales. If whales spot that the sentiment is changing and people actually start buying again, they will no longer try to force the market down, especially so if they have accumulated enough coins. Whales pick up the signals. If the market is near free from average joes, which is the case right now, they have all the freedom to do with the market what they want. As soon as the average joes jump back in, the freedom to manipulate the market reduces significantly and whales are more willing to buy the price up and sell you the coins they bought way lower. That's the nature of this market....
I agree with RichardsNY, whales are part of the equation, but I wouldn`t say too that everything depends on them and
their decisions. They are using new and fresh blood to make profit, that is the nature of every market.
I like to believe that we are at bottom, or at least somewhere near bottom. I`m buying when I can, and I like to buy at
bottom`s but I don`t catch good moment always. For long-term investors as I am, it doesn`t matter is this price is bottom
or not, we will buy again, we know that new bottoms will be higher.
