The post Bitcoin Whale Dumps $35M BTC, Will BTC Price Fall to $60K? appeared on BitcoinEthereumNews.com.

A major Bitcoin whale has offloaded $35.5 million worth of BTC over the past week. This dump has sparked concerns about a possible BTC price decline to the $60,000 level. Currently, the Bitcoin price is nearing the $67,000 mark. Inside Bitcoin Whale’s Offloading This Bitcoin whale, known as wallet 3A9qN, accumulated 12,400 BTC worth around $500 million between 2020 and 2024 at an average price of $39,100. However, now he appears to be selling off its holdings to a market maker or trading firm, based on previous transaction patterns, according to data from Arkham Intelligence. The wallet had reached a peak value of $886.46 million on May 21, 2024, during Bitcoin’s bull run. Since then, the Bitcoin whale has liquidated a total of $253.89 million worth of BTC at an average price of $63,970. $𝟱𝟬𝟬𝗠 𝗪𝗛𝗔𝗟𝗘 𝗦𝗘𝗟𝗟𝗜𝗡𝗚 𝗢𝗙𝗙 𝗕𝗧𝗖 A large Whale holding BTC since 2020 moved $35.5M in the past week to a likely market maker/trading firm, based on prior patterns. Bitcoin Whale 3A9qN accumulated 12.4K BTC over 4 years 2020-2024 – at an average price of $39.1K. pic.twitter.com/uCSyNFAsTb — Arkham (@ArkhamIntel) October 15, 2024 Moreover, the latest sale has intensified speculation that this move could trigger a correction in Bitcoin price. Market analysts are divided on the implications of this whale’s selling activity. Some argue that such large sell-offs could apply downward pressure on BTC price, potentially pushing it down to $60,000. However, others believe that the market may have sufficient liquidity to absorb these sales without causing significant price movement. BTC Price to Dip? This whale’s strategic selling comes at a time when Bitcoin has experienced substantial price fluctuations. At press time, Bitcoin was valued at $66,905.08, gaining 1.73% on Tuesday. However, the question remains: will this whale’s continued sell-off force the market to correct toward $60,000,…

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Filed under: News - @ October 15, 2024 7:16 pm