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How much would you regret selling your Bitcoin $0.006609 if you had purchased it at $1? A prominent whale did just that, buying at $1 and now having completed his sales. This development is somewhat positive because whales have been engaging in significant sales, and seeing their assets diminish could signal a stabilization. The question arises: How realistic are claims that quantum discussions have spurred these sales? Is it time for Bitcoin to bounce back?
ContentsIs Bitcoin Ready to Rebound?Bitcoin and Quantum TechnologyThe Whale Who Sold All His Bitcoins Is Bitcoin Ready to Rebound?
Bitcoin’s price has plummeted nearly 32% over the past 45 days, hitting the maximum pain point of previous major corrections. Historically, when corrections began, the market ceased sales at the 32% threshold on two occasions. The last daily candle turned into a long lower wick, indicating that selling pressure might be exhausting, setting the stage for an eventual rebound.
Minutes ago, Jim Bianco tweeted that spot BTC ETF investors have reached significant loss levels. Fidelitas Lex suggests that this indicates a bounce-back is imminent.
“Institutional investors in BTC ETFs are, on average, at a loss. Fortunately, bounce time is here.”
Upon examining the chart, one can observe that during the dips in April and June 2024, the average cost of ETF investors served as a support, followed by swift market recovery. Will the same scenario unfold this time?
Bitcoin and Quantum Technology
Earlier discussions on quantum advancements concluded that they would not pose a threat to Bitcoin for a long time. In the unlikely event that they do, the encryption standard can be strengthened, as discussed. However, Ray Dalio, in his CNBC statement today, suggested this is a significant risk. If Dalio, who is also a BTC investor, proves correct, what are the implications?
Mel Mattison addressed these concerns;
“If BTC is being sold due to quantum decryption tech, individuals should withdraw funds from every bank and sell shares. JPM should have lost 20% of its value. Every account would become hackable. Moreover, BTC relies on the SHA-256 encryption algorithm, which is stronger than RSA.”
The Whale Who Sold All His Bitcoins
In 2011, Owen Gunden purchased 11,000 BTC at $1 each. Throughout that year, BTC dropped below $1 only to embark on a remarkable rise. After years of patience, the whale finally sent his remaining $230 million worth of BTC to the Kraken exchange, completing his sales. This OG whale was among those who began selling in October, and his exit is now final.
You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
