Analysts are warning that the price of %Bitcoin (CRYPTO: $BTC) could fall as low as $100,000 U.S. in coming weeks as the largest %Cryptocurrency faces growing selling pressure.
Bitcoin whales, or investors with large holdings of the cryptocurrency, have sold $12.75 billion U.S. worth of BTC in the past month. That’s the biggest amount in three years, according to market data.
These large investors, who hold between 1,000 and 10,000 Bitcoin each, have reduced their reserves by a combined 114,920 BTC.
Analysts are noting that we’re in the middle of the biggest whale sell-off since July 2022, signaling growing caution among investors.
Those analysts also warn that the sustained selling pressure could drive Bitcoin’s price to the key support level of $100,000 U.S. or lower.
Some analysts are referring to the current whale selloff as a “blood moon” for Bitcoin and a reason for near-term pessimism.
Bitcoin is currently trading around $112,600 U.S., down nearly 11% from an all-time high reached in mid- August.
In the past week, Bitcoin has been mostly rangebound between $109,000 U.S. and $112,000 U.S.
September has historically been the worst month of the year for Bitcoin and other cryptocurrencies, leading some analysts and investors to call it “Red September.”
