Even though he gets back 68 thousand dollars of Bitcoin The current situation rightfully scares investors. The declines are not always vertical and there are break periods. If BTC If it doesn’t start racing to new highs, what we’ll probably see are deeper bottoms. So, would you sell your BTCs today, which you did not sell at 120 thousand dollars after waiting for 8 years?
Bitcoin Whale Sale
Nowadays we see whales realizing their unrealized losses. He’ll probably make a profit if he waits a few years whales is selling at a loss. So why? To buy at lower levels? Is it because they think that today is the right time to sell, even if it is delayed, out of concern that prices will drop further? There is something motivating them to sell, and if they are right, we may even miss Bitcoin’s $70,000 mark today for the rest of the year.
Moreover, the Bitcoin whale, which waited for 8 years, transferred its assets for sale. Since he does not believe that the price will return from here, he sees the current range as an attractive selling point despite the excessive sales. Moreover, although it is not at a loss, it accepts less profit and sells the possibility of rise along with its BTCs. This, combined with loss-making sales and the historic adjustment in hashrate, shows that senior investors are moving away from Bitcoin these days.
The analyst nicknamed Maartun shared the above chart and wrote;
“2,000 BTCwoke up after about 8 years.
Purchased on May 17, 2018 for $8,051 (~$16.1 million total). Today? ~$137.3 million. This translates to a profit of ~$111 million.
The funds have been transferred to Paxos and appear to be heading towards a potential sale. After waiting 8 years, would you cash in… or would you wait longer?”
Bitcoin (BTC)
When you look at the chart you see obvious support at $66 thousand and BTC When it breaks this, it will drop to the 63 thousand dollar threshold and test the 60 thousand dollar level, which is the bottom of the February 6 wick. We have been talking about similar things about 81 thousand dollars for a few months. Recently also for $71 thousand and now we are talking about $60 thousand.
He confirmed that Bitcoin will not be able to initiate a comeback at least in the first quarter of this year as it could not overcome the $98,000 resistance. Moreover, by losing $ 80,400, it showed that it was eyeing the bottom with a target of $ 56 thousand. At this stage, in a scenario where 72 thousand dollars is not recovered, it may be excessive optimism to expect the decline not to deepen further. Moreover, even if the 72 thousand level is taken back, there are $ 80,400 and 86,500 bases to overcome. Then the stifling $94 and $98k levels.
This suggests that it may be a better option for investors to wait on the sidelines to see what happens. As a matter of fact, the ongoing sales show that this perspective has found acceptance, because the potential to miss the rise seems less likely compared to the possibility of suffering greater pain at deeper bottoms. Of course, no one has a magic ball that predicts the future, and time will tell what happens.
