BTC and crypto sell-off reminiscent of post-2000 dot-com crash: Analyst

Crypto whales and long-term holders are cashing out, exerting constant selling pressure on markets, and keeping crypto prices suppressed, similar to market dynamics following the 2000s dot-com stock market crash, according to analyst Jordi Visser.

Visser

Visser clarified that it would not take 16 years for crypto prices to rebound, but was using the 2000s dot-com aftermath to illustrate the sell-side pressure dynamics at play, and said crypto is nearing the end of this consolidation phase, with a maximum of 1 year left.

The analysis came amid fears that a crypto and Bitcoin (BTC) bear market kicked off in October, causing several analysts and investment firms to revise their most bullish price predictions by lowering their forecasts.

Has Bitcoin bottomed out around the $100,000 level?

The price of BTC shows signs of bottoming out around $100,000, according to some analysts, but others fear a potential drop to $92,000 if selling pressure continues to mount.

Whales and long-term holders typically cash in at all-time highs, and whale selling is not a problem in and of itself, CryptoQuant analyst Julio Moreno said.

Cryptocurrencies, Bitcoin Price — *Long-term BTC holders are now dumping their coins onto the market faster than the market can absorb the supply. Source:* *Julio Moreno*

The sell-side pressure from whales and long-term holders only suppresses asset prices if new demand is not there to soak up the BTC supply being dumped on the markets.

“Since October, long-term holder selling has increased; nothing new here, but demand is contracting, unable to absorb long-term holder supply at a higher price,” Moreno said.

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