A popular crypto sleuth recently uncovered a colossal whale movement that saw tens of thousands of Bitcoin (BTC) leaving wallets.
7-Day Massive Bitcoin Whale Movement
Crypto trader and analyst Ali Martinez (@ali_charts) revealed via X (formerly Twitter) that around 60,000 Bitcoin were moved from last week as the digital asset nearly tapped the $38K mark—an all-time high for this year. On-chain metrics placed the value of the coins around $2.22 billion.
While there is a possibility of whales cashing in on the pump, it’s also possible that some may only be redistributing their holdings in different wallets.
In addition, the popular X user noticed a major move from Bitcoin miners in the past couple of weeks. According to the analyst, these crypto miners have unpacked around 5,000 BTC, estimated to cost $175 million during that span.
Bearish Outlook for Bitcoin
Another newsworthy tweet from Martinez during the week was his bearish prediction for Bitcoin. The trader warned that BTC may slide to the $33K territory if the Tom DeMark (TD) Sequential indicator is to be believed. As a side note, the TD Sequential displays a series of price points that may result in trend reversals.
Martinez stated that the sell signal shown by the indicator on the weekly chart comes amid Bitcoin’s struggle to pass up the $38.5K and $42K resistance levels. The analyst explained that the scenario could be a catalyst for a correction down the $33K line.
Although Martinez said that he is not touching his spot BTC position until 2025, he is enticed to enter a short in the futures market—given the aforementioned data based on the TD Sequential.
The crypto sleuth revealed that he plans to buy the dip before the uptrend continues. But then again, the trader recommended looking for an invalidation point above the $42.5 range.
As of this writing at 3:30 PM UTC time, Bitcoin is down by 1.9% on the 24-hour chart trading as it hovers $36,090. It should be noted though that the trading volume of the asset was up by 28% during the same timeframe while it swung between $36K and $37K.
The price of BTC reflected the below-market expectations regarding the US inflation rate. Based on the Consumer Price Index (CPI), consumer prices only increased by 3.2% YoY. It reflected the same figures in October but has 0.4% difference compared to September numbers.
Ali Martinez paints two contrasting outlook for Bitcoin. One for short-term play and the other is for long-term HODL. These are sound analogies indeed, especially that they all coincide with the technical charts. However, do remember that cryptocurrencies, including Bitcoin, can immediately change their course without much warning.
As always, readers are advised to exercise discretion in their trades and conduct due diligence in their own research rather than falling into the pitfalls of hype or opinionated guesses.