Price Analysis

Bitcoin Price Analysis: Whale Selling Crashed Bitcoin (BTC) Below $8000

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  • A big whale selling of 50,000 Bitcoins worth of $400 million crashed Bitcoin’s Price to below $8000.
  • By the end of 2019, the value is likely to be around $12,000.

For the last few days, Bitcoin (BTC) has been on the priority list of many cryptocurrency investors and enthusiasts. Every other stakeholder was anticipating the price beyond 9000 USD. But what happened last night shocked many, but it was not completely unexpected. Bitcoin (BTC) amidst all projections of touching 9000 USD yesterday crashed below 8000 USD. The almost 1000 USD fall has impacted the market to a huge degree. As per some investors, this can be blamed on a huge whale sell-off. Last night around 25,000 Bitcoins got transferred from an off-exchange wallet to the San Francisco-based Coinbase bitcoin and cryptocurrency exchange. The transaction was worth over 200 million USD. Another similar transaction worth of 200 million USD also happened right after that. This has brought Bitcoin price to this level. However, the medium-term outlook is bullish. Investors may find the value near 12,000 USD. Let us look at the current details of Bitcoin.

Bitcoin Price Statistics-

Bitcoin Price Chart

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Bitcoin (BTC) 05th June 02:00 UTC
Rank 1st
ROI (Return on Investment) 5,660.44%
Circulation 17,740,950 BTC
Market Cap 136,125,442,061 USD
Bitcoin Price in USD 7755.99 USD
All-time High 20,089 USD
24h Volume 24,409,245,271 USD

BTC Price Comparison-

After the huge fall in Bitcoin price during 2018 crypto winter, every Bitcoin investor was aiming to gain huge in this current growth in the prices. Bitcoin (BTC) started the year on a cold foot, but it started showing strength right after the mid of January. The lowest point of the coin was on 07th February at 3360.30 USD. However, the coin was pushed by a huge margin at the onset of April. Over 44 days, Bitcoin value gradually gained 98% of its value. This push has made the coin standing near 8000 USD now. The market cap on 05th May was 100,721,743,579 USD, and the value of each coin was 5731.23 USD. The current market cap and the value of each coin are respectively 35.15% and 35.32% more than the figures for last month.

Bitcoin Price Prediction-

As we have predicted about the price correction, Bitcoin has now devalued itself. There may be a short-term bearish movement for some time now. But the coin will rise on the long-term. By the end of 2019, Bitcoin price is likely to be there around 12000 USD price level.

Conclusion-

Buying Bitcoins looking at yesterday’s fall is not recommended. Bitcoin’s price movement is going to weed out speculators completely. Long-term holding is encouraged.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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