The recent sell-off in Bitcoin by large investors might not have any lasting effects on the price of Bitcoin, according to a financial analyst. It’s possible that the market has reached its limit for selling and there is now an influx coming from retail traders who want to get in before they miss out.,
The “ethereum price” is a cryptocurrency that has seen some major fluctuations in the past few days. Some analysts believe that this will not have an effect on Bitcoin, which is currently trading at $6,500.
Those anticipating another speculative price drop in Bitcoin (BTC) are searching in the wrong place, according to one of the industry’s most well-known experts.
Willy Woo, the inventor of on-chain data resource Woobull, predicted on Twitter on Dec. 20 that prominent retail exchanges would not cause another BTC price drop.
Throughout the rout, retail in the United States remains tranquil.
Woo and experienced trader Peter Brandt, a pundit known for correctly predicting Bitcoin price bottoms in prior years, were arguing the chances of more downside.
In contrast to prior incidents, Brandt claims that volume surges that accompanied price collapses were missing in December. As a result, the “true” surrender phase has yet to take place.
Woo responded by claiming that speculative futures traders were involved in the recent rally to $41,800, while regular investors continued to keep BTC. As a result, volume data from Coinbase or other retail platforms is insufficient to predict an impending drop.
“Sell pressure has come from deleveraging on futures markets, as well as increasingly on Asian spot exchanges,” he said.
“There are currently no indicators of an on-chain sell-off (HODLers holdling, speculative investors took profits). In effect, a consolidation due to the lack of liquidity in December.”
With large volume panic capitulation, key bottoms in $BTC have struck.
That has to happen (yet???).
December 20, 2021 — Peter Brandt (@PeterLBrandt)
Brandt seems to be aware of the distinction.
The level of open interest continues to rise.
Meanwhile, retail traders have been purchasing for many weeks, as indicated by wallets with 1 BTC or less increasing to their holdings, as reported by Cointelegraph.
Bitcoin sways below $46K as 1 BTC crosses the 800,000 Turkish lira for the first time.
With the whales waiting it out, derivatives seem to be recovering confidence, with Bitcoin futures open interest slowly increasing since the low.
Chart of open interest in bitcoin futures. Coinglass is the source of this information.
Meanwhile, the Grayscale Bitcoin Trust is trading at its largest-ever discount to net asset value this week.
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