Bitcoin Nears All-Time High, But This Concern Is Growing: Is There a Possibility of a Drop
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- Whale Bitcoin transfers spark concerns about potential sell-offs.
- Institutional investment in BTC exceeds that of retail investors.
Bitcoin [BTC]
is on the brink of making a significant move in 2024. AskFX has indicated
that this week is pivotal for BTC’s trajectory, deciding whether it follows historical trends and rises or shifts towards bearish sentiment.
It appears that the leading cryptocurrency has opted for the upward path. On October 29, it surpassed the critical $70,000 threshold for the first time since June.
The peak reached $73,620 on
Binance
– merely slightly below its
all-time high
of $73,777. As of now, BTC trades at $72,350, reflecting about a 2% increase today.
This remarkable surge has reignited bullish sentiment among investors while simultaneously raising an important question: could this breakout lead to profit-taking?
A potential BTC sell-off could be forthcoming?
The latest activities hint that a possible sell-off might be on the horizon. According to
The data from Lookonchain shows that following Bitcoin’s rise above $71,000, one whale wallet holding 749 BTC (valued at approximately $53.23 million) became active after being dormant for twelve years.(This particular whale acquired their BTC back in 2012 when it traded around $11—representing an initial investment of just over $8 thousand—and recently withdrew 159 BTC ($11.32 million).
Another significant entity possibly primed to liquidate some holdings is Bhutan’s government.
Blockchain analytics platform Arkham Intelligence
disclosed
that crypto addresses associated with Bhutan’s Royal Government have moved approximately $66 .55 million in BTC to Binance.
Interestingly enough , their last transaction occurred four months ago , back in July .When writing this , Bhutan possessed around 12 .47 thousand Bitcoin worth roughly$904 .34 million .
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Transaction summaries reveal /> sp ans >>, is unclear. Retail participants demonstrate restraint towards Bitcoin despite its impressive rally Google Trend analytics revealed search activity peaked recently onlyat17outof100lastweekand wasonly rating23attime itself. In summary though,’s recentCryptoQuant report reaffirmsthat well-capitalized playerslargely overshadowretailconcerns as retailslowly accedes market re-entryyetverymodestly.. LowdailyBitcoinremittance volumes reportedpriorpointtowardsprice increases: recently noted, although remittance volumes metjustabout326milliononSeptember21,situatingit asthelowestuptakesince2020; Thus far retrogressive records typifiedthisprecedent declinesamplepatters comparedledtotodaysprogressions. ReadthefollowingpotentialdirectionsforBTCvaluesin20242025! AsBSB attemptscloser corporealhoodtowardrecordhighs,the correlationbetweenwhalesvsimilarlypositionedactiveunits fromretailcouldfunctallyflavortheshort-termmargins
This entails adding34 ,085BTCto its overall assets thusfar —reflectinganestimated valueofaround$2 .3 billion..With these recent purchases included,BLackRock’sholdingsnowstandat408273bitcoin–valuingalmost$29 billion.
Indications therein reveal robust institutional engagement while retail investors’activity
possibilities ensueoutcomesfromanotherfreshheight or hit breaks.
[BTC] Share WrappedAsObjectiveObservatlons directjournalism convey successful storylines!
