Bitcoin Faces Selling Pressure as Price Hovers Around $86,000; Market Sentiment Shifts
The cryptocurrency market is experiencing a period of volatility, with bitcoin currently trading around $86,000 after briefly dipping near the $80,000 mark. This price action is coinciding with significant selling activity from large investors and long-term holders, contributing to a decline in overall market capitalization.
Major Investors liquidate Holdings
Notable early Bitcoin investor Owen Ganden has fully exited his position,selling approximately 11,000 Bitcoins as October,realizing an estimated $1.3 billion. His final tranche of 2,499 Bitcoins, valued at roughly $228 million, was transferred to the Kraken exchange on Thursday. Ganden, a veteran of the early Bitcoin exchanges Tradehill and Mt. Gox, was a prominent arbitrage trader until 2014.
Investor and author Robert Kiyosaki has also taken profits, selling a portion of his Bitcoin holdings for $2.25 million. He has reinvested these funds into tangible assets – two surgical medical centers and a billboard company – anticipating approximately $27,500 in monthly pre-tax passive income by February 2026. Kiyosaki intends to re-enter the Bitcoin market once a stable cash flow is established and cited security concerns as the reason for not disclosing specific transaction details.
Market Indicators Signal Caution
The increased selling pressure is reflected in key market indicators. CryptoQuant’s ”Bull Score” has fallen to 20 out of 100, while CoinMarketCap‘s “Fear and Greed” index has remained in “extreme fear” territory for a week – exceeding its previous record of three days.
Even the wallet associated with bitcoin’s creator, Satoshi Nakamoto, has seen its value decrease by approximately $47 billion from its all-time high.
widespread Losses and Market Correction
Since October 6th, the total cryptocurrency market capitalization has dropped by over $1.3 trillion,with nearly $2 billion in liquidations occurring in a single day,primarily impacting long positions. data from Glassnode indicates a surge in Bitcoin losses,reaching levels not seen since the collapse of FTX in late 2022.
Several traders have experienced significant losses. One trader, known as “Machi Big Brother,” was wholly liquidated, losing over $20 million and now holding only approximately $15,538. MicroStrategy’s Michael Saylor acknowledged the market downturn with a post featuring a sinking ship and the caption “Survive.”
Future Outlook: Diverging Predictions
Despite the current bearish sentiment, optimistic forecasts persist.South Korean mathematician Kim Jeon Hun, claiming an IQ of 276, predicts Bitcoin will reach $220,000 within 45 days, intending to use the profits for charitable construction projects. However, analysts at CryptoQuant caution that a failure by the Federal reserve to cut interest rates in December could confine Bitcoin’s price within the $60,000 to $80,000 range for the remainder of the year.
