A popular analyst is urging crypto traders to proceed with caution amid a shift in Bitcoin (BTC) whale behavior.
Using data from the crypto analytics firm Santiment, Ali Martinez tells his 48,700 followers on the social media platform X that there has been a sudden, significant spike in profit-taking among BTC whales.
“Over the past three days, they’ve sold off more than 80,000 BTC, equating to approximately $4.8 billion.
Investors and traders are advised to proceed with caution!”
Martinez also notes that Bitcoin’s Tom DeMark (TD) sequential indicator flashed a sell signal on its four-hour chart. The TD Sequential indicator is typically used to identify trend direction and potential price reversals.
Explains Martinez,
“Since February 15th, every sell signal from this indicator has been spot-on, leading to BTC price corrections between 1.50% and 4.20%. This is a pattern worth noting for traders eyeing short-term movements!”
Later in the day on Thursday, the analyst notes that the indicator was right again, with Bitcoin dropping from a high of around $63,400 in the early morning hours to a daily low of $60,585, before moving back up to $61,235 at time of writing.
The top-ranked crypto asset by market cap is up nearly 19% in the past seven days and more than 38% since the beginning of the year.
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