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Spot Bitcoin ETFs

Bitcoin Dump Expected, BTC In The “Boring Zone” As Whales Exit

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin is under immense selling pressure at spot rates, tracking lower from the all-important resistance level of $66,000. Although BTC may even crash below the psychological line at $60,000 towards $56,500 or May 2024 lows, some analysts are upbeat.

Bitcoin Drop Is Normal Post-Halving: Analyst

Taking to X, one analyst explained that the current correction is a normal part of its cyclic market cycle. If anything, savvy traders should continue accumulating on dips, targeting Q1 2024 all-time highs, and expect prices to chart fresh territories.

BTC retracement post-halving normal | Source: @BittelJulien via X
BTC retracement post-halving normal | Source: @BittelJulien via X

Looking at the formation in the daily chart, the analyst insisted that the current Bitcoin price action aligns with historical trends, especially the weeks after the network halves miner rewards.

Bitcoin is now in the fifth epoch after Halving on April 20, slashing miner rewards from 6.25 BTC to 3.125 BTC, significantly impacting miner revenue streams.

Related Reading: Trump Allies Under Siege: Crypto Scammers Launch Attacks

As things are, BTC finds itself in a familiar pattern, even with the 12% correction from the all-time high at $73,800. According to the analyst, BTC prices tend to rally before Halving.

From October 2023 to March 2024, prices soared, rising from as low as $25,000 to record all-time highs. However, the spike in demand was also accelerated by expectations of the United States Securities and Exchange Commission (SEC) to approve a spot BTC exchange-traded fund (ETF). The product began trading in January 2024.

BTC In The “Boring Zone” As Whales Dump

The pre-halving rally was followed by a sharp correction after the event, which saw BTC dump by 25% to as low as $56,500 in May.

Once this phase is done, prices tend to move sideways with minimal volatility before a final push lower to shake out traders.

Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView

Before prices push higher in the “Banana Zone,” prices enter another extended consolidation phase marked by stagnant prices. It remains to be seen whether BTC is in the “Boring Zone” due to the current drop within the $56,500 and $73,800 zone.

Related Reading: Solana-Based Trump Memecoin DJT Is Fake: This Man Is Behind The Fraud

Ki Young Ju, the founder of CryptoQuant, a blockchain analytics platform, said whales have been dumping their BTC over the last two weeks.

BTC whales exiting | Source: @ki_young_ju via X
BTC whales exiting | Source: @ki_young_ju via X

According to on-chain data, these long-term holders have sold roughly $1.2 billion worth of the coin, likely through brokers, suppressing prices. The increasing outflows from spot Bitcoin ETFs have also slowed down the uptrend.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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