Is Bitcoin set for a tumble to the mid-30s?

History has shown that when miners begin offloading their holdings, a significant price drop often follows, and it appears this trend may be repeating. Although the sales frenzy from GBTC has subsided, miners are now the ones liquidating their Bitcoin stash. Historically, such actions have led to a 30-40% decline in Bitcoin prices. However, the current landscape might present a different scenario. Miners' influence on the market has diminished, while substantial purchasing by large Wall Street ETFs continues unabated. Could this new buying power counterbalance the selling pressure from miners?

Despite this possibility, caution is advisable, and it's crucial to monitor the ongoing sell pressure closely.