Bitcoin market fluctuating ever since the price went below $4000 range. The market is experiencing some serious selling pressure which may cause the price to decline further up to the next major support at $3000.
Whales Dumping
Bitcoin Whales are preparing for the bear run as more and more sellers are entering the markets to lower their losses. Recently 2048 BTC were transferred from 2 unknown wallets to Bitfinex Exchange probably for selling. The transactions were made from unknown wallets. Here are the transactions on blockchain.com:
Transaction 1
https://www.blockchain.com/btc/tx/105d549b3b17833db3f182273e117572b23ed1e3c3332640d4071ed9abfcced2
Transaction 2
https://www.blockchain.com/btc/tx/66a7e23c8142b435eb040d94334ad5711afe458c3097ab56c64414b44fbfeddf
Bitcoin Price likely to fall to $3000
Looking at the yearly chart, bitcoin is more than halfway down from its last year’s November high of $10000. Last year the price of bitcoin started a bull run around November and went up to $20000 in December. This year analysts predict that the market will probably experience the largest dump and the price may even fall up to $2000 that was the price in July 2017. For now, the major support level for bitcoin is at $3000 which may be the bottom price for the year. Also, analysts are predicting that the market may stay bearish for months or even years before starting to rise again. Bitcoin is currently trading around $4023 (at the time of publication) and is struggling to keep up with the $4000 level. There are more sellers than buyers in the markets which predict a major panic selling due to fear is still pending and may happen at any time soon.
Cryptocurrencies such as bitcoin are subject to market risks. The traders and investors should study the market thoroughly before investing. Happy Trading!
