The crypto market’s versatile events influence investors’ decisions, sometimes even for the worse. A Bitcoin Whale’s recent BTC handling strategies and decision is an example of that. It lost $13M after making the wrong decisions one after another, and all this happened in just six days. So, let’s discuss what went wrong.
Bitcoin Whale Faces $13M Loss With BTC Price Struggles
Lookonchain’s X post highlights a crypto whale’s strategy failure, as the whale withdrew massive BTC holding at a high. Six days ago, the way withdrew 1,850 BTC, worth $188.7 million, from popular crypto exchange Binance. At that time, the Bitcoin price was nearly $102k, the peak point in weeks. To some extent, this withdrawal decision portrays confidence in further price rallies or the need for liquidity outside the exchange. In contrast, it became a $13M loss lesson as the BTC price declined, reaching the week’s bottom at $91.9k.
After six days, the Bitcoin whale resurfaced but for depositing the exact same amount of BTC back to the Binance. However, instead of the $102k, the price had lost significant value, trading at just $94.6K. Eventually, the whale lost $13M within six days due to a lack of patience. Although evaluating or predicting Bitcoin’s next move is challenging, analysts fear a further drop amid Donald Trump’s inauguration and other macroeconomic events.
Bitcoin’s Downtrend Continues, Price to Fall to $70k?
At the time of writing, the Bitcoin price is $94,108, having dropped 5% over the week. This drop was behind the aforementioned Bitcoin whale’s $13M loss, but others might be facing losses, even a present, as the market is more volatile. The BTC active addresses dropped to months low of 667,100, clearly presenting the risky behavior around Bitcoin.
Crypto analyst Crypto Patel predicts a potential drop to $70K-$75K amid this volatility. He states that a break below the $92K (critical support level) could initiate a BTC price crash to $70K before rebounding to 160k-170k in the future.
Many other analysts have presented similar Bitcoin price predictions. Analysts hint at the possibility of a downtrend with Trump operating his crypto promises. However, once things settle, bulls can resurface, pushing BTC price to new highs.
Key Takeaway From This Crypto Whale’s Experience’
Crypto whales are often given significant importance in the market due to their high holdings. Because of this, their influence is high on the community, where many investors follow their buying and selling patterns in the hope of returns, but the aforementioned Bitcoin whale incident shows why not to. The whale lost $13M within just six days after withdrawing assets at a high and depositing at a low. Things went wrong as Bitcoin prices declined, leaving price gaps amid volatility. Such volatility may be seen again around January 20, Trump’s inauguration, so analysts suggest more careful trade placement in this period. More importantly, patience and a calm mind are needed to navigate the volatility, as fluctuation could settle with time, but selling at the wrong time would only bring losses.
The post How Lack of Patience Cost This Bitcoin Whale $13 Million? appeared first on CoinGape.
