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It appears that the bulls that have pushed Bitcoin higher lately have momentarily lost strength. Bitcoin prices plunged more than 15%, approaching the $ 17,000 level, after hitting a high of $ 19,580, due to heavy losses as large investors cashed in on some of their Bitcoin holdings.
READ: Why Bitcoin Suddenly Lost $ 1,000
- The cryptocurrency lost $ 2,000 in a matter of hours, falling by around $ 17,000 before climbing back to the $ 17,900 level.
- Considering that most bitcoin wallets are in profit, it’s no surprise that some investors are already cashing in on some of their gains at the end of a turbulent 2020.
- That said, his recent price action shows his bias towards an overbought position.
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At the time of writing, Bitcoin’s price was $ 17,890.84 with a 24-hour trading volume of $ 33,259,413,581.
The head of the blockchain intelligence platform also anticipated the likelihood of Bitcoin going through a correction period as more investors deposit their BTC on Coinbase.
READ: President Trump’s Action Triggers Ethereum Plunge
“Too many BTC whales on Coinbase. I am still long term bullish, but we may face some corrections or sideways until whales go dormant in spot trading. “
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You should buy it?
While some Bitcoin whales are more likely to increase their purchases when prices drop to these levels, Nairametrics, expects a cautious purchase, as volatility in this rapidly changing market could lead to a significant loss of capital.
However, if things get really bad, Nairametrics believes this could be another chance to buy bitcoin under $ 15,000.
READ: $ 66.5 billion worth of Bitcoin lost forever
What you should know
Recall that Nairametrics broke the news exclusively on how a crypto strategist, Ki-Young Ju, recently warned about the high influx of large Bitcoin holders transferring a significant portion of their BTC holdings to a well-known cryptocurrency exchange , Coinbase, obviously to cash out, amid the bullish trend currently at play.
