By George Ward
As the market descends into a worrying territory, the bears’ continued antics have taken their toll on Bitcoin (BTC). According to CryptoQuant CEO Ki Young Ju, the whales moved around 2,000 BTC under these dire circumstances. This set of whales has been inactive since August 2011.
“The former 2K BTC recently moved. In a tweet posted on Thursday, Ki revealed that they had been dormant since August 2011. Then, he included a link to the Bitcoin Spent Exit Age Ranges indicator to back up his claim.
The CEO of CryptoQuant released a series of transactions of 500 BTC each from different wallet addresses, spanning 11 years of BTC movement. As of November 11, the addresses had remained dormant.
The age of these coins indicates that these people may have been early adopters, such as B. Elderly miners. In addition to the 11-year resurgence in BTC 2000 tokens.
A broader pattern of longer-term headline moves appears to be emerging as bears dump Bitcoin to two-year lows. The data shows a pattern of high moves in long-term (LTH) stocks over the past seven days.
So, the CryptoQuant Binary CDD Indicator isn’t providing a comforting reading. According to the metric, these recent moves have surpassed the 7-day moving average.
Bitcoin Price Threatens To Break New Lows
BTC has been navigating treacherous waters amid this surge in LTH activity; on Friday, it fell to a low of $16,500 amid worrying market conditions. Then, BTC hit another barrier that brought it back to its current price.
It trades at $16,273 at press time and is down 1.3% over the past day. However, it struggled to break above $17,000 shortly after the surprise drop.
Many analysts argue that the red market and poor Bitcoin performance are related to the panic that the FTX saga has caused among investors.
Despite the latest US CPI data pointing to an imminent end to aggressive Fed rate hikes, BTC has not escaped the bears’ clutches, falling 21.68% over the past week.
Crypto’s Il Capo, a well-known swing trader, and analyst, previously warned of this massive dump as BTC traded above the $20,000 area and attempted to reclaim areas above $21,000.
According to Capo Crypto analysis, there will be a “false pump” in the $21,000 area and a subsequent drop to $14,000. According to their predictions, BTC peaked at $21,400 on November 5.
Then, it encountered one of the ugliest rejections in history, triggering the current underperformance. However, if some think the bottom is already in, Capo Crypto insists we are not over the hill yet and forecasts a $14,000 level.
“Things are only going to get worse.” After tweeting on Friday that a drop to $14,000 would come sooner than the community expected, he added, “Still 100% out of the market.”