Crypto whales adjust the market again, moving BTC to exchanges
27.11.2020

Crypto whales adjust the market again, moving BTC to exchanges

By bit.team

The price of Bitcoin made a sharp pullback as a number of cryptocurrency whales moved their Bitki to exchanges, presumably for cashing in, as the cryptocurrency appears to have reached a new record high of 20K.

Is Bitcoin’s new annual record delayed?

Many analysts found confirmation in their forecasts of a pullback, as Bitcoin sharply adjusted from 18,500$: the price of BTC lost more than $1000 on November 26 in a few minutes. Bitcoin then jumped to 17,250, limiting daily losses to around 5%.

Popular crypto-trader and famous YouTube personality Ton Ways just a few days ago told Forbes that he expects an end to the bullish growth of Bitcoins as early as this month. He said: “It may have just ended by now. I’ve said in the last ten days that this bullish growth should end in November or early December, but I don’t expect a bear market”.

While Ways predicted a price pullback, the BTC’s fall and rebound at $17,250 is far less severe than his original forecast, but that’s just the beginning. He said on 24 November:

“I expect either significant consolidation or, most likely, a pullback to the area of $14,000 to $15,000 over the next few months. It would then take another month or two to get back to 20K, and I expect a $20,000 breakthrough at the end of the first quarter of next year. So maybe it’s March or April and then we’ll pick up quickly”.

BTC whales create sales pressure

The sudden fall in the price of Bitcoin coincided with the fact that a number of BTC whales placed their cryptocurrency on crypto exchanges, ready to earn on the seemingly inevitable new record high level of Bitka, since the price has risen to almost 19,500 dollars.

Ki Young-joo, CEO of CryptoQuant, explained the situation on Twitter. He said:

“The average value of the inflow of all exchanges increased a few hours ago. This means that whales, conditionally speaking, deposited BTC on the exchanges”.

Monthly chart of exchange infanties

Despite sudden sales pressure from BTC whales, Ju stated:

“Long-term network indicators indicate the preponderance of customer pressure. I still think we can get over the 20k mark in a few days”.

George McDonough, managing director and co-founder of KR1, an investment firm specializing in cryptocurrency and blockchain, said he believed it was due to the psychological effects of price a barrier of 20K for crypto traders, he expected that there could also be a further sell-off from the hodlers if Bitcoin reached the magic number.

He said: “20k is a psychological barrier, so it’s likely that the hoodlers (people who are forever holding Bitcoin rather than selling) can reduce the risks at that level and exert some pressure from sellers. But given the comparatively small difference between where we are now – at $16k, it is likely the hodlers will last until Bitok approaches its historic to the maximum”.

And he will do it.Research by Devere Group shows that the vast majority of millionaires already own BTC or plan to invest in the near future. What else could raise the price of an asset even more?

Millionaires are increasingly becoming interested in cryptocurrency. According to the publication Finbold, 700 very “wealthy people” were interviewed. That is, investors with more than £1 million (GBP) – about 1.2 million euros at current prices. 73% of them said they already own Bitcoin or plan to buy it by 2022.

All this logically reflects on the price of the crypto asset. In the midst of a bull run over the past few weeks, it almost reached a cherished line, and today is trading at $16,920. But it’s temporary.