Cryptocurrency experts warn of upcoming Bitcoin crash as veteran miner moves $16 million in BTC.
Bitcoin (BTC) price has formed a medium-term reversal pattern after rising to an intraday high of nearly $64,060. The rally was triggered by the Fed's rate cut, which signals the start of a new economic growth phase.
With the current bullish trend, experts believe that Bitcoin will prevail in October and throughout Q4. However, short-term traders are still concerned about volatility in the final days of September, which is typically a bearish month.
Veteran Bitcoin Miners Are Moving Their Assets
In a recent post by the tracking and analytics platform Lookonchain, they noticed that Satoshi-era Bitcoin miners have started to act up and move their assets to different wallets. Specifically, five Bitcoin mining wallets have moved 250 BTC, worth nearly $16 million, to other unknown wallets.
The unexpected activity has sparked speculation of a possible sell-off in the coming period, which could put pressure on buyers.
Additionally, prominent crypto analyst Ali Martinez noticed that the TD Sequential indicator has given a sell signal on higher time frames. He warned that short-term traders should be cautious about booking profits before the price reverses further over the weekend and possibly next week.
In case the bearish sentiment continues, Bitcoin price will find solid support at $61,000, which coincides with the 0.618 Fibonacci retracement level on the 1-hour timeframe.
