The trade price of Bitcoin crashed below the $60k level again, and now experts are comparing this situation to 2020, from where the market gained big bull momentum to show all-time high prices.
The current trade price of Bitcoin (BTC), a top crypto asset by market cap, is $59,983. Today, the lowest trade price of Bitcoin was $58,100. The current trade price of Bitcoin is down 3.9% over the last 24-hour period.
Is $60k is strong wall for #Bitcoin market? pic.twitter.com/qrgykCRxoe
— Bitcoinik (@Bitcoinikdotcom) August 28, 2024
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ETF experts on Bitcoin price
Popular Bloomberg ETF experts James Seyffart & Eric Balchunas shared their opinions on the latest correction in the trade price of Bitcoin.
James noted that Bitcoin trading around $50k-$70k over the last 6 months kind of reminds him of BTC trading around $7k-$10k from mid-2019 through early to mid-2020.
Balchunas said that if the HODLers didn’t sell, BTC would be like $100k, or without the ETFs, it would be $20k.
Bitcoin whales selling Bitcoin
Notably, many 12 to 13-year-old Bitcoin holders are now awake and transferring their Bitcoins to centralized exchanges. Such activities by very old, big Bitcoin holders have raised questions over the current bull sentiments. Many experts said that Bitcoin whales believe Bitcoin will no longer move toward big increments in terms of price, and this is the reason why they’re selling their Bitcoin.
Ark Invest dumps Bitcoin
Recently, Ark Investment firm sold 1,717 BTC, which is another sign that big players are no longer optimistic about a potential upcoming rally in the trade price of Bitcoin.
Read also: $TON blockchain restarts block production following 6-hours outage
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