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Title: Bitcoin Bull Cycle Not Over, But $738 Million Exit from Coinbase Raises Red Flag
In a recent tweet, top analyst Godfrey Benjamin warned that the current Bitcoin market dip may not be the end of the bull cycle. However, a massive exit of 738 million dollars’ worth of BTC from Coinbase to a new whale wallet has raised concerns about the potential impact on the market.
The analyst pointed out that this drop in price has caused Bitcoin to trade below its short-term holder (STH) cost basis at $92,500, which has historically marked the end of local-scale bull and bear phases. According to Glassnode data, the STH MVRV is now 0.96, indicating a paper loss of approximately 4% for recent buyers.
A failure to regain this level could result in continued sell pressure from these short-term holders. Furthermore, the Bitcoin Cost Basis Distribution shows that there are relatively few investors with cost bases until $71,000-$72,000, which could lead to weaker support in this range and give bears more control.
The massive exit of such a large amount of BTC has sparked concerns about potential selling pressure and a decrease in overall demand. According to the data provided by Glassnode, there is a critical level of $71,000-$72,000 that Bitcoin needs to hold to avoid further losses.
In conclusion, it’s essential for investors to keep an eye on these levels and consider the risks associated with the massive exit from Coinbase.
Source: https://u.today/738863880-btc-exit-coinbase-to-new-whale-wallet-whats-happening
