The massive selling pressure on Bitcoin continues, with the BTC price falling another 7.5% in the last 24 hours, dropping its price below $54,000.
The recent selling pressure and decline has led to bankrupt cryptocurrency exchange Mt. Gox wallets became active again and started moving Bitcoins to BitBank and other addresses.
There is only one question in mind right now: Where will the decline in Bitcoin stop?
A post on this subject was also made by CryptoQuant CEO Ki Young Ju. Ki Young Ju warned investors that BTC may see a short-term correction towards $47,000.
The famous CEO pointed out that although he expects a short-term correction in Bitcoin, the upward cycle is still continuing.
At this point, CryptoQuant CEO said that he believes Bitcoin's bullish cycle is not over yet, but a short-term correction to $47,000 is possible.
“From a long-term perspective, I think the bullish cycle is not over yet. Looking at realized prices for various groups of wallet addresses, I think a short-term correction could go as high as $47,000.
If your money is in spot, I think it's better to hold your position until early or mid next year.
I don't think current levels are a good place to take advantage of futures.
We recommend that you take a break and do not trade until a strong buying trend occurs. Of course, it's your decision.”
Bitcoin continues to trade at $54,551 at the time of writing.
*This is not investment advice.