Bitcoin has had a small tap and at the time of writing is trading around $17,000. Not a man overboard, of course, but the rally has ground to a halt.
It seems that there are so-called whales behind this (for the time being) short-lived dump. The number of bitcoin sent from big wallets to exchanges is increasing.
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More bitcoin towards exchanges?
According to Ki Young Ju, CEO of CryptoQuant, the All Exchange Inflows Mean indicator has entered the danger zone. Historically, this has resulted in short corrections to the bitcoin price.
For now this seems to be true Bitcoin Fast Profit, because bitcoin is having a hard time picking up momentum above $17,000. Although that does not have to mean that much, because after the incredible rally of the last few weeks, it is not at all strange that we need to catch our breath.
Ki Young Ju wrote on his Twitter today that he expects us to go sideways and perhaps further down the ladder. Mainly based on the behaviour of whales. Who are currently bringing their bitcoin to exchanges.
Bitcoin investor Bitcoin Jack expects that this is not yet the end of the dip. According to Jack, it’s still too early to buy the dip and we’re going a little lower and then quietly head for a new all-time high.
Where is the bottom?
Opinions about the location of the soil differ quite a bit. Some traders expect us to maintain the level of $16,000, but others will see $15,000 or even $14,000 happen.
The big and well-known bitcoin trader Tone Vays is in the camp of the $14,000. He even expects that we will be able to drop below that. The nice thing about the whole price party is that it is of course difficult to predict.
Nobody actually knows what the best move is, except that you have to have bitcoin in your portfolio. We all agree on that here by now. Despite the fact that bitcoin has had a small tick, this year’s results look fantastic.