Crypto Whales Sell Off $2.22 Billion in Bitcoin
A well-known trader and on-chain investigator Ali Martinez reports that large cryptocurrency holders have offloaded around 60,000 Bitcoin (BTC) in a week, netting roughly $2.22 billion. Martinez notes that these whales are selling off their BTC as the coin reached a new 2023 high of about $38,000.
Martinez also warns that the Tom DeMark (TD) Sequential indicator is flashing a bearish signal on the weekly chart, suggesting that Bitcoin could plummet to $33,000. The TD Sequential indicator traces a series of price points to signal possible trend reversals.
Martinez shares, “Although I’m not touching my spot BTC position until some time in 2025, I’m inclined to enter a short in the futures market. The TD Sequential presents a sell signal on the weekly chart as BTC approaches an important area of resistance between $38,500 and $42,000.”
Currently, Bitcoin is trading at $36,415. Martinez also predicts a significant pullback for Chainlink (LINK) with the TD Sequential indicator showing a bearish signal on multiple time frames.
At present, LINK is trading for $14.54.
Hot Take
Bitcoin Whales Unload About $2,220,000,000 in BTC in Just One Week: Crypto Analyst
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