This week has been really rough for Bitcoin. Holding the position of the biggest cryptocurrency in the world, Bitcoin crashed more than 15% in a matter of hours.
This crash erased most of the gains the cryptocurrency got from the recent uptrend that pushed the BTC price up from the $17k region to as high as $19,500. But how are the Bitcoin whales reacting to this sell-off and what can we expect to happen in the Bitcoin market in the coming days?
Bitcoin Whales Are Dumping Hard.
According to recent research from Glassnode, Bitcoin whales have been selling off the bulk of their positions and flooding the market with BTC ever since the Bitcoin price failed to break through the $19,500 region.
This massive supply of Bitcoin is believed to have been the main cause for this current crash, and there is a high probability that the sell-off might continue as more and more Bitcoins are currently being sold off.
This Bitcoin crash also dragged the whole Altcoins market down with it, with some altcoins crashing as low as 50% to 60%. This has caused the entire cryptocurrency market losse around $80 billion of its capitalization in less than 48 hours and it doesn’t look like it would be ending anytime soon.
What Does It Mean For Bitcoin This Year?
Well, unless Bitcoin can find support and bounce from the $15k price level, reclaiming the $20k ATH before the end of 2020 might not happen. A break below that $15k support will only see the Bitcoin price likely crashing as low as $13k in the coming weeks.
We also created a video below where we talked more in-depth about the current patterns forming in the Bitcoin market for both the buy and sell scenarios. We also pointed out key fundamentals to look out for in the coming weeks.
For a list of the top best Altcoins to put on your watch list and trade during this coming bull run, check out my Top 25 Cryptocurrencies by Market Capitalization
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With