Bitcoin crash may have been caused by whales: Transfers are increasing!

In the last three days, Bitcoin whales have transferred $1.8 billion (30,0000 BTC).

The whales' sell wave came at a time when Bitcoin's price fell from $64,000 to around $60,700. This sell wave. The decline caused the cryptocurrency market to lose $100 billion in value. Onchain data was first shared on X by popular crypto analyst Ali Matinez.

The sell wave comes at a time when short-term BTC holders are "slowly exiting" the market, suggesting that selling pressure is decreasing. According to CryptoQuant analyst IT Tech, the supply of Bitcoin held by short-term holders has decreased after major sales, reducing selling pressure and could signal a bottom for the price.

The analyst noted that when short-term holders sell their coins, they usually "fall into stronger hands, which has the potential to stabilize the market." According to IT Tech, Bitcoin is going through an accumulation process that has never been seen before. BTC, which has been fluctuating between $56,000-$65,000 for a long time, has not yet been able to chart its course.

The upcoming US presidential elections and whale activities will be critical for the $BTC price. If Donald Trump is elected president, an upward trend may be observed in cryptocurrencies. The whales' buying movements will give confidence to small investors. In such a scenario, ATH can be targeted for BTC.

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