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.
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.