Bitcoin Whales Drastically Reduce Supply As Oversold Levels Dey Show Say Market Fit Dey Go Down
For beginning, Bitcoin big boys bin dey pack up more than 300% of di new Bitcoin wey dem mine, e show say market dey hot and people believe say price go still go up for long time, just like before 2020 wey market bin dey sweet. Bitcoin price comot from one pattern wey dem dey call falling wedge, and people dey predict say e fit bounce back. But now, things don change, Bitcoin don enter where market don tire, e show say people no dey feel am like before. Wetin make am worse be say, those big boys dey sell their Bitcoin, e dey make price dey fall down, e no follow wetin dem bin dey do before wey be say dem dey buy. Even though say market don tire fit mean say na time to buy small for short time, experts dey warn say e no mean say market go change and start to dey go up for long time. CryptoQuant CEO, Ki Young Ju, talk say Bitcoin too much for market, e dey show say market still dey tight. Dem dey advice traders to dey careful because market no dey smile now.
Bearish
Even though whale dey gather bitcoin for beginning wey show say market go dey bullish, but as people don realize say market don oversold plus big people dey sell their Bitcoin, e don change market outlook to bearish. Dis one dey happen because bitcoin too much, plenty people dey sell am, and no sign say market go turn bullish for long time. Dis kind situation dey show say traders dey expect market to fall more instead of to rise quick, and e dey make people dey fear for market.