Prominent Bitcoin Whale Predicts Bearish Position as a Result of Massive Cash Out

While a majority of market observers predict bullish positions in the future, there are some personalities who speculate bearish levels as a result of massive cash out.

A prominent BTC whale with the Twitter name “Joe007” outlines various reasons behind the expected bearish situation. He is a well-known whale who has possession of a large portion of BTC over centralized cryptocurrency exchange Bitfinex.

According to him, several investors holding Bitcoin for a long period of time may sell their holdings over exchanges in order to collect a big profit. The selling of the top digital asset on the part of long term holders may show a “sudden balance shift that precipitates a parabolic curve blow-off.”

“Once BTC price is high enough, holders are going to cash out en masse, leading to a sudden balance shift that precipitates a parabolic curve blow-off. It’s all about timing.”

Long Term Holders May Sell BTC Holdings

Based on the data of on-chain providers, some long term investors are cashing out BTC holdings as the price value has reached new highs.

He further explained that if crypto-inspired individuals are not willing to take risks of buying flagship currency at high rates then institutions will not remain at forefronts in purchasing BTC.” If YOU aren’t ready to buy at ATH, why would you expect institutions to do it? Come on, show some conviction, lead by example. Maybe others will follow,” he tweeted.

He further elaborated that if a meltdown on the macro level happens, the crypto markets will suffer as a result. In March when the US equity markets went down, the leading cryptocurrency also shredded its half of value.

The altcoins will automatically go down if anything happens with Bitcoin, and a downfall in altcoins’ markets is expected. “In the next bear phase I expect alts to lose a bigger share of their capitalization yet,” he stated.

Over the recent few weeks, Bitcoin stick in the trading region between $19,000 and $20,000. After a rejection of over $19,500, the price went down as a result of massive selling over trading platforms. After remaining in the low region, the value once again topped above $19,500, which is also the highest position of the last two weeks.

To move forward, the price value of Bitcoin is required to break the resistance level standing at $20,000. At press time, it is standing at $19,900 after an increase of 3.29% over the day.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

Amazon Currently has No Plans to Accept Bitcoin Payments

Bitcoin mania is on the rise as bullish signals approach; Bitcoin had seen some very hard days, especially in the past few months when Elon Musk and China were cracking at it, and most of the investors lost their faith in the cryptocurrency. Bitcoin stayed closer and then below the $30K price range and was […]

New Monero Bug Violates Users’ Transactions Privacy

Monero is a privacy-focused cryptocurrency and is already getting some traction from the crypto market and investors alike. But it has been infected with the bug named “Monero,” which consistently bewilders the transaction privacy and credibility for users. The whole point of using cryptocurrency for making transactions and the use of blockchain technology is to […]

UK-based News Agency Claims Amazon is Going to Enable Cryptocurrency Payments

Amazon is the fourth-largest company in the world in terms of annual revenue generation. The retail giant was caught by a cloud of rumor mongers who connected Amazon with cryptocurrencies like Bitcoin. The root cause of the rumors was a series of job postings by Amazon that show vacancies for blockchain and digital payment experts. […]

Polkadot (DOT) Targets $17 on a Bullish Set-Up

Briefly – DOT has recovered almost 40% from its weekly lows, targeting $17. DOT’s price tries to prevent the declining wedge. The RSI overpowers a five-month trend-line. Polkadot (DOT) Price Analysis Though Polkadot (DOT) has been here for not that long, it has enjoyed massive adoption by crypto advocates. That is because of the solutions […]

Crypto Market Recovers as Bitcoin’s Price Surges

After witnessing a downfall in the last few months, Bitcoin is once again on the rise. Today marks the third consecutive day that showed Bitcoin price movement improving. In the same period, Bitcoin has improved by 4.11% and added a weight of $1,705 to the price list. At press time, Bitcoin is valued at $34,411 […]