Bitcoin Whales Sell Big as Analyst Warns of Impending Dip
Recent reports from a prominent trader shed light on significant movements within the cryptocurrency realm.
Notably, major players holding substantial Bitcoin (BTC) amounts have engaged in substantial sell-offs over a concise period of seven days.
Trader and seasoned analyst Ali Martinez brought attention to the actions of Bitcoin whales, revealing that roughly 60,000 BTC, valued at an approximate $2.22 billion, were offloaded as Bitcoin surged to a 2023 high around $38,000.
Martinez also emphasized the activities of Bitcoin miners, noting the sale of about 5,000 BTC, equivalent to approximately $175 million, over recent weeks, adding to the sell-offs observed among the whale community.
However, amidst the market’s bullish momentum, Martinez sounded a cautionary note, hinting at a potential downward trajectory for Bitcoin. This forecast stemmed from a bearish signal detected on the TD Sequential indicator on the weekly chart, indicating a probable drop in Bitcoin’s value to $33,000.
In a strategic move, Martinez outlined his plan, indicating a hold on his spot BTC position until 2025 while considering a short position in the futures market.
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The rationale behind this strategy was the TD Sequential signaling a sell order as Bitcoin approached a pivotal resistance zone ranging from $38,500 to $42,000.
The anticipation was a corrective downturn to $33,000, with a strategic intent to buy during the expected dip before a projected uptrend. Martinez specified that a weekly candlestick closure above $42,500 would nullify this projection.
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.
