Just under one year ago, Bitcoin has definitely come a long way. The March 12th selloff sent the cryptocurrency to lows of $3,800. It has witnessed exponential upside growth at this point. Despite the recent selloff, Bitcoin stabilizes under $18,000.
One certain analyst is saying Bitcoin won’t anymore see sharp selloff events like this one. Moreover, he said that throughout the past several months, its underlying market structure is now maturing at a fast pace.
On the other hand, large investors now have a slight interest in offloading their holdings. This is the case despite Bitcoin’s price currently trading just 10 percent under its all-time highs.
It may be in a good position to witness a significantly further upwards momentum in the coming days and weeks as long as large sellers start placing pressure on the crypto and don’t step up.
Bitcoin Won’t Ever See Another March-style Selloff
As of the moment, Bitcoin is trading up just over 1 percent with the current price of $17,900. This commemorates a huge rise from daily lows of $17,400. However, there is a notable decline from highs of $18,600.
The cryptocurrency has stabilized ever since and is now trying to go back above $18,000 despite the $1,000+ selloff seen when BTC went highs of $18,600 late last night.
Whether or not BTC can gain a firm foothold beyond this crucial level will affect the entire market trends in the near-term
On-Chain Data Suggests BTC Won’t See Any Mass-Selloff Events
The CEO of CryptoQuant – an on-chain analytics firm – shared his thoughts in a recent tweet. He said that he does not think Bitcoin will witness any more mass-selloff events in the future.
He further stated that the cryptocurrency’s Exchange Whale Ratio is still extraordinarily low which signals that huge investors are not selling into this rally.
There is a high probability that the cryptocurrency will shatter beyond this price and enter price discovery mode unless so-called “whales” try to front-run Bitcoin’s all-time highs and sell around $19,000.