"Bitcoin expected to rebound to $132,000 after drop from 80,000 BTC sell-off"

Suehyeon Lee

Summary

Some analysts reported that Bitcoin experienced a decline due to the recent mass sell-off of 80,000 BTC.
Analysts stated that a short-term bottom may be established as the heavy selling pressure has subsided.
John Glover projected that Bitcoin could rise to $132,000 following a short-term correction.

Bitcoin (BTC) is projected to rebound to $132,000 after undergoing a short-term correction.

On the 26th (local time), CoinDesk reported that "some analysts believe that the recent decline coincided with the timing of a whale selling 80,000 BTC (worth about $9 billion) through Galaxy Digital."

Analysts expect that with the large-scale selling pressure having eased, a short-term bottom will be established, after which the price will move toward a new high. John Glover, Chief Investment Officer at Ledn, cited Elliott Wave Analysis and stated, "Bitcoin may form a short-term bottom over the weekend before heading toward a new record high, and after that, it could rise to $132,000."

BTC