Expert Foresees Continued Bull Market Despite $4B BTC Selloff
The post Expert Foresees Continued Bull Market Despite $4B BTC Selloff appeared on BitcoinEthereumNews.com.
The Bitcoin (BTC) price is currently barely holding above the $66,000 mark after plunging to $65,000 last week. This downturn came after significant selloffs by Bitcoin whales and miners. On-chain analytics reveal that these selloffs amounted to over $4 billion. However, despite the gigantic dump, analysts remain optimistic about Bitcoin’s price trajectory. Analysts Remain Optimistic Despite Selloff By Whales & Miners On-chain data from Santiment shows that Bitcoin whales sold over 50,000 BTC in the ten days before the recent correction. This selloff totaled approximately $3.30 billion. Bitcoin whales are individuals or entities that hold large amounts of Bitcoin, often influencing market prices through their trades. Additionally, Bitcoin miners contributed to the recent price correction by selling over 1,200 BTC. This amount is worth more than $79.20 million. Miners earn Bitcoin by verifying transactions and adding them to the blockchain. They often sell their rewards to cover operational costs. Despite these selloffs, many analysts believe the bull market is not over. CryptoQuant CEO Ki Young Ju shared his views on X, formerly known as Twitter. He noted, “Bitcoin traders’ average entry price is $47K-ish. In a bull market, BTC price usually stays above the traders’ entry price. Even with a 27% drop, it can still be considered a bull market. Stay long-term bullish, but avoid excessive risks. This is financial advice.” Source: Ki Young Ju | X Ki Young Ju’s statement suggests that even if the Bitcoin price drops by 27% from its current level, the market can still be considered bullish. Hence, the recent 9% pullback from $71,500 is not significant enough to declare the end of the bull market. Moreover, he expects a continued bull market, which would drive the Bitcoin price higher. Crypto analyst Ali Martinez pointed out that Bitcoin’s average mining cost is currently at $86,668.…
Filed under: News - @ June 17, 2024 5:24 pm