Crypto analysts have observed Bitcoin sales by major holders, sparking concerns about a potential market downturn. Lookonchain, a crypto tracking platform, reported substantial Bitcoin deposits to Binance exchange by a whale investor.
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Massive Bitcoin Deposits
Lookonchain revealed that a whale deposited 1,700 BTC (worth approximately $99.92 million) to Binance. This transaction occurred just 20 minutes after a previous deposit of 3,500 BTC ($206 million) by the same entity.
Besides, the total amount transferred to Binance by this whale in a mere five-hour span reached a 5,200 BTC, valued at nearly $306 million.
Notably, these weren’t isolated incidents. Lookonchain reported another deposit of 1,800 BTC ($106 million) to Binance by the same whale investor. This brings the total Bitcoin deposited to Binance since June 27 to 5,281 BTC, equivalent to $323.2 million.
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Show more +Losses and Market Implications
The crypto tracking platform highlighted a crucial detail about these transactions. The whale investor apparently made these deposits at a loss, estimated to be around $20 million.
Moreover, this willingness to accept losses raises questions about the investor’s market outlook and possible motivations behind the sell-off.Such massive Bitcoin movements often come before major market shifts.
Read also: Why Is Beta Finance (BETA) Crypto Price Pumping?
Bitcoin Price Predictions and Support Levels
Amid these whale movements, market analysts are analyzing Bitcoin’s price trajectory. CryptoBusy, a crypto analyst, shared insights about potential price levels.
CryptoBusy noted that if Bitcoin fails to hold support at $56,000, the next major demand zone could be between $53K and $50K.
Moreover, the analyst emphasized the importance of adaptability in trading. “As a trader, we need to adjust and follow the trend,” the analyst stated. This advice comes as the market braces for potential volatility triggered by the whale’s massive sell-off.
Altcoin Market Impact
The expert issued a caution regarding possible repercussions for the larger crypto market. Altcoins may see even more severe price drops if Bitcoin sees one. However, CryptoBusy views this potential dip as a “huge buying opportunity” for investors.
Market participants are now closely monitoring Bitcoin’s price action. They’re watching for signs of whether the crypto can maintain crucial support levels or if it will indeed drop to the predicted $50,000 range.
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