Bitcoin analysts explain what's next in the aftermath of BTC plunging to $16.2K

[Jentot]

Bitcoin analysts explain what's next in the aftermath of BTC plunging to $16.2K

Analysts and traders discuss both bull and bear cases for Bitcoin after the BTC price plunged to $16,200.The price of Bitcoin (BTC) dropped sharply on Nov. 26 following a mass sell-off from whales. Data from on-chain data firms, namely Santiment, Intotheblock, and CryptoQuant, show heightened levels of whale exchange inflows.

Whales selling right under Bitcoin's all-time high, particularly when the market sentiment was overly euphoric, led to a massive drop. Roughly $1.8 billion worth of futures contracts were wiped out, as Cointelegraph reported.

Some exchanges, like Binance as an example, recorded $400 million worth of liquidations within merely several hours.

According to Santiment, whales sold quickly after Bitcoin surpassed $19,300. Many of these high-net-worth individuals sold so aggressively that they are no longer in the whale category of holding over 1,000 BTC

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