According to Ki Young Ju, CryptoQuant’s head of analytics, this signals a fresh wave of Bitcoin selling in the near term.
$BTC Whales are depositing to exchanges. I expect dumping in the short-run.
All Exchanges Inflow Mean(144-block MA) hit 2 BTC. I think we’re in a danger zone. The price is likely to go sideways or down when whales are active on exchanges. https://t.co/eIfHdkIzdL pic.twitter.com/CenxR44h5Q
— Ki Young Ju 주기영 (@ki_young_ju) November 27, 2020
The expert justified his conclusions by the Bitcoin-flow indicator for large investors moving to exchanges, which has entered a ‘danger zone’.
As the base scenario, Ki Young Ju envisions a correction or consolidation in Bitcoin’s price in the coming days, followed by a rally and a break above $20,000 in December.
Earlier, the head of CryptoQuant заявил that the resumption of withdrawals from OKEx did not have a significant impact on Bitcoin’s behavior, since 83% of these assets went to non-exchange wallets.
On November 26, Bitcoin fell below $17,000, while on November 25 it rose to $19,500. At the moment, the cryptocurrency is trading around $16,750.
Earlier, Stack Funds chief Matthew Dibb identified mass liquidations of leveraged positions as the primary reason for Bitcoin’s $3,000 drop in 24 hours.
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