Will Bitcoin Price Crash? Whale Activity and Metrics Show Bearish Signs

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Bitcoin (BTC), the world’s biggest cryptocurrency is poised for a massive price crash as whales and institutions have dumped notable BTC in the past 24 hours. On September 5, 2024, prior to the opening of the US Stock market, a smart Bitcoin whale dumped a significant 680 BTC worth $38.77 million to the Binance.

This smart whale purchased a significant 4,562 BTC worth $120.66 million at an average price of $26,449 in late 2022. However, he sold 3,938 BTC worth $181 million when BTC was trading near the $46,000 level. Combining all these sell-offs, this smart whale has made a profit of approximately $96 million.

The recent massive dump occurred when BTC was trading near the $57,000 level and formed a strong bearish candle on the four-hour time frame. Since this dump, the BTC price has been continuously falling, heading toward the $54,000 level. Additionally, dormant BTC holders have also become active, which is a potentially bearish sign.