\n\t\t\t\t\t\t\t\t\tCan BTC crash to $30K this month?\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
The primary cryptocurrency rose 1.5% in the last 24 hours and currently trades at around $63,500, even as Strategy announced its third BTC sale this year.<\/p>\n
However, three important signals point to a potential pullback forming beneath the surface.<\/p>\n
The Factors in Question<\/h2>\n
The renowned analyst Ali Martinez revealed<\/a> that over 20,000 BTC (worth more than $1.2 billion) have hit exchanges in the past week or so. CryptoQuant\u2019s data shows that the total figure has climbed to around 2.72 million, the highest since the start of July.<\/p>\n This suggests that some investors have abandoned self-custody methods and flocked to centralized platforms, increasing immediate selling pressure, or, as Martinez said:<\/p>\n \u201cWhen coins move onto trading platforms, it often signals rising sell-side pressure. Keep an eye on this trend.\u201d<\/p>\n<\/blockquote>\n It\u2019s worth noting, though, that there might be another reason why investors are sending BTC to exchanges. The recent Coldcart saga<\/a> has rattled trust in self-custody methods, which could lead to more bitcoin sitting on trading platforms, not necessarily for immediate selling.<\/p>\n Martinez also presented<\/a> a second bearish signal, noting that BTC miners have sold roughly 1,774 units (worth around $112 million) over the past week. He argued the move signals another wave of profit-taking and something that could negatively impact the asset\u2019s valuation in the short term.<\/p>\n The third factor is Bitcoin\u2019s seasonal performance. The asset has finished<\/a> August in red territory 9 out of 13 times, adding further uncertainty amid the challenging times.<\/p>\n Many analysts believe that the bear market is far from being over, expecting BTC to collapse to multi-year lows in the following weeks. X user Rekt Fencer spotted<\/a> the formation of a potential final bull trap, which could result in a major crash to around $30,000 later in August.<\/p>\n Not long ago, Martinez presented a rather controversial theory. He claimed<\/a> that bulls should actually welcome a potential dip to $60K since it could validate a classic inverse head-and-shoulders pattern that might push BTC to as high as $74,000. According<\/a> to MikybullCrypto, the setup has already been completed:<\/p>\n \u201cBreakout is next. $80K is the magnet target.\u201d<\/p>\n<\/blockquote>\n\n
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Final Flushout This Month?<\/h2>\n
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