Bitcoin Price Drop to $114K Possible as BTC Whales Take Profits
The Bitcoin price could decline to $114,000 as large holders, known as ‘whales,’ take profits on Binance. This potential drop may fill the CME futures gap, signaling a notable market correction.
Factors Behind the Potential Bitcoin Price Drop
- Increased whale activity on Binance is raising selling pressure.
- Long-term holders taking profits could heighten market volatility.
- The CME futures gap between $114,380 and $115,630 is likely to be filled, based on historical trends.
Expert Analysis and Market Trends
CryptoQuant reports a spike in the Binance Whale Activity Score, indicating significant asset movements by major players. André Dragosch, European Head of Research at Bitwise, highlights a surge in long-term holder profits, often a sign of impending corrections.
Implications for Traders
While short-term volatility is expected, the overall trend for Bitcoin remains bullish. Analysts such as Michaël van de Poppe recommend monitoring key support levels to navigate potential price swings.
