In a move that has sent ripples through the cryptocurrency community, a whale known as “18oPt” has withdrawn 100 Bitcoin (BTC), valued at roughly $6.16 million, from the OKX exchange, according to On Chain Nerd, the on-chain data analyst. This follows a two-week period during which 18oPt aggressively accumulated Bitcoin, scooping up a total of 536 BTC (~$ $34.16 million) from both Binance and OKX.
The news comes amidst a recent downturn in the Bitcoin market. Over the past weeks, Bitcoin has dipped by approximately 10%, following global tension and Grayscale Bitcoin ETF (GBTC) constant outflow. This decline in price may have influenced 18oPt’s decision to withdraw a portion of their holdings, potentially to mitigate unrealized losses.
According to on-chain data, 18oPt is currently sitting on unrealized losses of around $1.1 million. Unrealized losses represent the difference between the purchase price of an asset and its current market value. In this case, it suggests that 18oPt bought their Bitcoin at a higher price than its current market value.
What’s Next For BTC Price?
The cryptocurrency market continues to experience instability. Respected analyst Ali Martinez has analyzed Bitcoin’s potential price movements. Martinez emphasizes the importance of the $61,000 level for Bitcoin. If this level is breached, a correction towards $56,200 may occur. Martinez insights provide valuable perspective during this turbulent period for the crypto market.
Conversely, Martinez emphasized the potential for an optimistic turnaround, suggesting that Bitcoin could ascend to $66,500 if specific circumstances align favorably. Regarding the bullish outlook, he articulated:
“The first sign of a rebound will be a sustained 4-hour candlestick close above $62,300. Until then, we brace for impact!”
Martinez’s analytical approach has garnered significant interest from investors regarding Bitcoin’s price trajectory. Concurrently, Bitcoin is trading at the price of $63,501, marking a 3.63% decline from the previous day. The 24-hour trading volume witnessed a 14.47% decline, reaching $36.24 billion.
Bitcoin’s recent downward trajectory is primarily driven by Global tension and Grayscale GBTC bitcoin ETF consistent outflow. Bitcoin price is anticipated to see its new all-time high after the Bitcoin halving event scheduled on April 20th, which will cut miners’ rewards to 50%. Historically, prices surge about 1,000%, 200%, and 600% in the first three post-halving cycles.
Related Reading | Litecoin (LTC) Charting a Path Towards $250-$300 Amidst Market Resilience