Analysts Predict Potential Bitcoin Drop Below $100K Amid Major Whale Sell-off
Bitcoin faces increased selling pressure as whales sold $12.75 billion worth in the past month, reducing their reserves by 114,920 BTC. This is the largest monthly sell-off since July 2022.
- Sustained selling may push Bitcoin below $100,000.
- Analyst Ted noted that past "blood moons" have correlated with market downturns.
- Currently, Bitcoin trades around $111,000, down nearly 11% from August's peak.
- Price consolidation observed between $109,000 and $112,000.
Long-Term Outlook
- Despite near-term bearishness, Bitcoin’s trajectory remains resilient.
- One-year moving average increased from $52,000 to $94,000.
- Market cap gained over $1.13 trillion during this period.
- Treasury holdings among companies surpassed 1 million BTC, but recent buying activity has declined significantly.
- Average purchase sizes decreased sharply, indicating cautious sentiment among institutional investors.