Bitcoin Whale's Massive Sell-Off Triggers Market Concerns as BTC Targets $80K
A Bitcoin whale has triggered market concerns by offloading over $576 million in BTC over the past three days. According to Lookonchain, a mysterious whale identified by wallet address 'bc1qsy' sold 7,770 Bitcoin, worth $576.6 million.
This comes as Bitcoin price has added nearly 23% over the past week, despite losing around 1% in the last 24 hours and trading at $77,321. The latest rally has allowed many traders to exit the market to book profits.
Veteran trader Peter Brandt has turned bullish on the asset recently, but Thinking Crypto Podcast founder Tony Edward believes that BTC price might face another setback before continuing its upward run ahead. According to him, the flagship crypto is currently in the 'overbought' region and may pull back towards the $69,000-$70,000 region before breaking through the $80,000 mark.