Glassnode has given its two cents worth in the predictions regarding Bitcoin’s future performance. Glassnode is an on chain market company that offers expert advice based on data that has been analyzed. The company believes that the withdrawal by those who have BTC will cause an eventual rise in price, but this tactic is usually short lived.
Glassnode tweeted:

“Despite the volatility, #Bitcoin holders appear to be withdrawing their funds from exchanges. Outflow has been increasing daily since March 18.

According to our labels, $BTC exchange balances are the lowest they’ve been in ~8 months.”

Whale dumps is the term used to describe a huge selling point by investors at lower price than stated by the market. This strategy is imposed to manipulate the downward or upward surge of trading. It was used during 2018, the same year that BTC hit its peak of $20,000. Since that time Bitcoin has gradually been reduce to its current rate of $6,000 plus, with hopes of hitting $8,000.

What do you think about the comments on this post? Share with us at U.Today

Read more at U.Today