Bitcoin whales will sell BTC because “it” happens too fast

Alistair Milne, chief investment officer at Altana Digital Currency, shared a chart with an optimistic forecast for bitcoin, predicting that the price of bitcoin will reach $120,000 by 2021. Analyst firm Crypto Quant noted that if the rise continues too fast as it is now, the bitcoin giants will sell bitcoin. According to Milne's report, the chart is associated with Citibank. The financial institution sent it via Citibank's foreign exchange wire transfer client mailing list.

Bitcoin has managed to break the trend that kept it in the $9,100 to $9,300 range over the past few weeks. At the time of publication Bitcoin is trading at $10,350. The forecast associated with Citibank states that the cryptocurrency must test the price of $13,850 before rising close to its ATH in 2021, and from there, rise to $120,000。

In March, Citibank increased its stake in the Komgo start-up. Thus, Citibank began to integrate its trading platform with the Ethereum-based blockchain of the start-up. At the time of the news, the Global Head for financial commodity trading for Citybank, Kris van Broekhoven, highlighted the bank’s interest in investing and keeping up to date with the advantages offered by blockchain technology to improve its financial services. Therefore, it is possible to assume that Citibank has a strong interest, at least in 2020, in Ethereum, Bitcoin and the technology behind their operation.

In a publication by Crypto Quant analysis firm CEO Ki Young Ju, he indicates that some Bitcoin whales may share the feeling that the price of BTC has moved “too fast”; probably motivated by investors’ FOMO, as the cryptocurrency came out of the slump of the last few weeks. Therefore, Crypto Quant’s CEO wrote that an increase in the flow of Bitcoin to the exchanges, estimated at 5,000 BTC, is consistent with the sale of the cryptocurrency during Sunday’s rally.

The increase in the flow of Bitcoin to the exchanges occurred in an one-hour period when Bitcoin’s price moved above the $10,000 mark. Some members of the crypto community agreed with Young Ju’s opinion and said that in the coming days investors can expect a “massive setback” if the flow of Bitcoin to the exchanges is maintained.

Author : Reynaldo