As Coinpedia reported earlier that a death cross is awaiting the Bitcoin price, it seems the extreme sell-off has initiated. The BTC price had triggered above $41,000 a couple of days before, however, it kept plunging since the previous trading day. However, the price is expected to be uncertain, experiencing a plunge too.
Moreover, currently, the whales are selling off their holdings which indicates a bear or a fake-bull market. Therefore, the CEO of CryptoQuant, Ki Young Ju has advised the traders to stop Bitcoin trade until the volatility returns.
$BTC market is very uncertain right now.
Whale selling indicates a bear/fake-bull market, and retail selling implies a bull market. We're in neutral now.
Stop trade, be patient and wait for the next volatility. pic.twitter.com/obXS6eFBGN
As the chart clearly points out that the retail selling does not drag the price to a large extent compared to Whale’s selling. And hence, if the selling continues, the price may even drop to the levels close to $30,000 as predicted by many analysts.
Bitcoin Price May Still Hit $45,000
Despite the BTC price is expected to hit the lower levels in the coming days, yet a recovery may also be on the way. The price after a close-knit with the support levels could grow even to the higher levels above $40,000.
A popular analyst, Altcoin Sherpa predicts the price may eventually smash $45,000 very soon as the price is on the verge to rebound soon.
$BTC: Partially filled already, have more entries lower. I think this is still going to 45k+ before any potential new lows. #Bitcoin pic.twitter.com/sq6guNK3Yf
The chart posted by the analyst mentions various support and resistance levels in which the price is expected to trend. Currently, the Bitcoin price appears testing the crucial support levels around $37,732 and may rebound without going much lower. Apparently, the BTC price may rise more than 30% to reach close to $45,000. And hence provide enough voltality for Bitcoin trading.
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