Massive withdrawal of Bitcoin - page 6.

Nrcewker

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Quote from: mk4 on March 07, 2024, 03:37:26 AM

I mean, that's how markets in general work? An asset's price pumps(bitcoin or not), some people will be taking profit, and the price is likely to have a correction after. What will make an asset's price more stable is mostly more market participants.

Yes, this is the basic economics. The coins are limited in numbers. That is the price of the coin increases when more people buy the coins. Now once the price goes up, many people start selling the coins. Hence the price goes down and we see a correction in the price. This circle goes on like this and it’s pretty common I must say. Long term holders always wait for opportunities like this, and they make good profits from it.

Despairo

hero member

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Yeah, then what? do you really hold Bitcoin until you die and never sell any single satoshi? you can show your address here to prove me wrong.

I keep accumulate Bitcoin, hold and haven't sell it even Bitcoin already reach $69K, but it doesn't mean I won't sell my coins when Bitcoin cross $100K, $200K etc. There will be a time I sell my coins in order to accumulate more coins during bear season or I need big cash on emergency needs.

mk4

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I mean, that's how markets in general work? An asset's price pumps(bitcoin or not), some people will be taking profit, and the price is likely to have a correction after. What will make an asset's price more stable is mostly more market participants.

Frankolala

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You should know that it is not everybody that withdraws their bitcoin from exchanges, that are selling it. Some people are withdrawing to their noncustodial wallet to keep their bitcoin in their control, as the halving is close and the value of bitcoin is increasing , because it is expected that the halving will also skyrocket the price of bitcoin.

No matter how many bitcoin is sold per day, that will not stop bitcoin price from pumping, because it will only last for a short term. We saw after ETF was approved, and Mt. Gox sold a lot of bitcoin, but what happened later here we are in 65k, and the price reached 69k,before falling back to this price. We are in the bull market, and it will continue to be bullish, because bitcoin is designed that way. Bear and Bull

Btcdeybodi

member

Activity: 75

Merit: 16

Anytime the price of Bitcoin skyrockets, there would be massive selling of Bitcoin and this practice(s) have always lead to the price of Bitcoin falling back afterwards. During the approval of spot Bitcoin ETFs, it was observed that the massive selling of Bitcoin when the price got to $48,000 made the price to fall to $38,000, it was after the corrections that the price began to soar higher again till now that it has set a new ATH of about $69,210 and immediately, massive selling and withdrawal of Bitcoin was also noticed.

Wouldn't this continues practice of withdrawing and selling off whenever the price skyrockets going to slow the volatility of Bitcoin to continue skyrocketing? Since the price automatically starts experiencing a dip after every massive withdrawal.

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