Bitcoin has been in the headlines for quite some time now as the price was performing really well. However, recently it has seen a huge decline as Bitcoin plunges by $800 and reaches the $18,200 level. This has been a huge decline that Bitcoin has faced in recent weeks and it is predicted that there might be some selling of Bitcoin.
As Bitcoin plunges by $800, Ki Young Ju, CEO of Crypto Quant, has said that the Bitcoin might face selling pressure. He claimed that there has been a huge increase in whale deposits on the Coinbase exchange which means there might be a huge selling pressure ahead.
I'm still long-term bullish, but we might face some corrections or sideways until whales become inactive on spot exchanges.
*Exchange Whale Ratio is the relative size of the top 10 inflows to total inflows.
— Ki Young Ju 주기영 (@ki_young_ju) November 22, 2020
Willy Woo Not Worried as Bitcoin Plunges by $800
There are claims that Bitcoin might see a price correction ahead as whales deposits are increasing. However, Willy Woo, an on-chain analyst does not seem to be worried as Bitcoin plunges by $800. He believes that there is nothing to worry about here and believed that the selling pressure will affect the market locally.
According to him, there is not any chance of Bitcoin getting away from all-time high and this drop is temporary. He believes that Bitcoin will continue its bullish rally to reach an all-time high.
Bitcoin Futures Market’s Funding Rate Might Increase Higher
The selling pressure is not the only factor that analysts are worried about as Bitcoin plunges by $800. Some analysts believe that Bitcoin Future Market’s funding rate might increase to a higher level. Due to this, there might be a huge correction in Bitcoin price which will lead to a huge downfall. Over the past month, Bitcoin has been performing really well and getting really close to reaching its all-time high. If Bitcoin manages to rise above $20,000 which will lead it to an all-time high and will set another record.