Whales Dump 59,000 Bitcoin (BTC) as Crypto Market Decline Continues, but Top Analyst Offers Some Hope

According to analyst Ali, a staggering 59,000 BTC was recently sold by large investors who initially purchased around $26,000. This sale netted an impressive 57.69% profit equating to total gains of approximately $885 million.

Continuing Price Weakness

As Santiment points out, crypto continues to see concerning price declines with total market caps falling 7.5% over the past week. The recent Bitcoin ETF approvals appear to be a “buy the rumor, sell the news” event contributing to weakness.

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!🤫

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!

Show more +

Hope for Potential Rebound

However, Santiment offers a glimmer of hope in pointing out that excessive bearish sentiment can sometimes trigger a major bounce. As panic selling sets in and negativity reaches an apex, it establishes the conditions for a reversal by washing out the weak hands. The market bottoms when the selling has climaxed.

Source: Santiment – Start using it today

As Santiment notes, “If traders begin to panic, their big sell-offs and #bearish sentiment may trigger a bounce.” In other words, there is a chance the intensity of the current selling could exhaust itself, allowing savvy dip-buyers to come in and spark a relief rally. These bounces induced by overwhelming pessimism tend to be fast and technical in nature.

So while heavy dumping continues currently, Santiment suggests keeping an eye out for capitulation signals. If price action shows evidence of panic reaching a crescendo, a bounce could swiftly materialize. However, pinpointing the precise bottom is difficult.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.