Bitcoin Whales are Starting to Cash Out After Recent Surge
An expert analyst is advising caution to cryptocurrency traders in light of recent changes in Bitcoin (BTC) whale activity.
Based on insights from Santiment, a crypto analytics firm, Ali Martinez is seeing a notable surge in profit-taking among major BTC holders. According to Martinez, these whales have divested over 80,000 BTC, equivalent to roughly $4.8 billion, within the span of just three days.
There has been a significant spike in profit-taking by #Bitcoin whales!
Over the past three days, they've sold off more than 80,000 $BTC, equating to approximately $4.8 billion. Investors and traders are advised to proceed with caution! pic.twitter.com/M44jAIwutw
— Ali (@ali_charts) February 29, 2024
Martinez emphasizes the importance for investors and traders to exercise prudence given this development.
Additionally, Martinez highlights the occurrence of a sell signal on the four-hour chart of Bitcoin’s Tom DeMark (TD) sequential indicator.
The TD Sequential flashes a sell signal on the #Bitcoin 4-hour chart!
Since Feb 15, every sell signal from this indicator has been spot-on, leading to $BTC price corrections between 1.50% and 4.20%. This is a pattern worth noting for traders eyeing short-term movements! pic.twitter.com/TQhSG78WF3
— Ali (@ali_charts) February 29, 2024
This indicator, commonly utilized for discerning trend direction and potential price reversals, has been consistently accurate since February 15th, according to Martinez.
READ MORE: Coinbase Sees Massive Bitcoin Exodus Amid Market Surge
Each sell signal generated by this indicator has preceded BTC price corrections ranging between 1.50% and 4.20%, indicating a noteworthy pattern for short-term traders to observe.
Bitcoin, the leading cryptocurrency by market capitalization, has experienced an increase of nearly 19% over the past week and more than 38% since the start of the year.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
