Plunge

Cryptocurrency

2024

Bitcoin

Billion

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Cryptocurrency markets are on the edge as Bitcoin (BTC) whales, major holders of the flagship cryptocurrency, have reportedly&nbsp;<a href="https://x.com/ali_charts/status/1749714711447224419?s=20" rel="noopener noreferrer nofollow">sold</a> a massive 70,000 BTC over the past fortnight, equivalent to a staggering $3 billion. The unsettling revelation surfaced via a tweet from prominent cryptocurrency analyst and trader Ali Martinez, who sounded the alarm over the substantial whale activity.
<blockquote>
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> whales have sold around 70,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> over the past two weeks, worth around $3 billion! <a href="https://t.co/1yaeIrmkRc" rel="noopener noreferrer nofollow">pic.twitter.com/1yaeIrmkRc</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1749714711447224419?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 23, 2024</a>
</blockquote>
This disclosure has sent ripples of concern throughout the crypto community, raising questions about the potential impact on Bitcoin's price trajectory. However, adding a layer of technical analysis to the unfolding situation, Martinez posted another tweet&nbsp;<a href="https://x.com/ali_charts/status/1749727319906800077?s=20" rel="noopener noreferrer nofollow">drawing</a> parallels with Bitcoin's historical market cycles.
According to his observations, Bitcoin tends to retrace to the 50% Fibonacci level after reaching the 78.6% Fibonacci level in previous bull cycles. Significantly, Bitcoin has recently touched the 78.6% Fibonacci level once again, signaling a potential correction in the offing.
<h2 dir="ltr" id="another-btc-price-drop">Another BTC price drop?</h2>
Ali Martinez's analysis suggests a plausible scenario where Bitcoin could drop to $32,700, aligning with the 50% Fibonacci retracement. This projection has prompted market participants to brace for a significant downturn, introducing a sense of unease among traders and investors.
<blockquote>
 Reflecting on the last two bull cycles, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> typically retraced to the 50% Fibonacci level after hitting the 78.6% Fib.Recently, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> reached this 78.6% Fib level again, suggesting a potential correction. If this pattern holds true, we could see <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> drop to $32,700,… <a href="https://t.co/AArR9adJbC" rel="noopener noreferrer nofollow">pic.twitter.com/AArR9adJbC</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1749727319906800077?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 23, 2024</a>
</blockquote>
As of the latest market data, Bitcoin is currently priced at $38,849. The cryptocurrency has experienced a 4.72% decline in the last 24 hours and a notable 9.34% decrease over the past seven days. The&nbsp;<a href="https://u.today/key-reason-behind-bitcoin-btc-price-crash" rel="noopener noreferrer nofollow">recent dip</a> in value compounds the growing apprehension within the market.
Adding to the complexity of the situation, data from Coinglass reveals a considerable surge in Bitcoin&nbsp;<a href="https://www.coinglass.com/currencies/BTC" rel="noopener noreferrer nofollow">liquidations</a> over the past 24 hours. Total liquidations stand at $92.84 million, with long liquidations accounting for $79.98 million and short liquidations at $12.86 million. This uptick in liquidations underscores the heightened volatility and uncertainty currently prevalent on the market.
Market observers are now closely monitoring Bitcoin's price movements and broader&nbsp;<a href="https://u.today/massive-200000-bitcoin-btc-dump-expected-in-60-days-mt-gox-update" rel="noopener noreferrer nofollow">market dynamics</a>, speculating on whether the cryptocurrency will conform to historical patterns or if external factors will disrupt the anticipated correction. The prevailing sentiment advises investors to exercise caution and maintain vigilance in navigating the evolving cryptocurrency landscape.

Bitcoin Whales Dump $3 Billion in BTC - Another Price Plunge Coming?

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