Many analysts had already warned that the recent gains were due for a pullback, among them CNBC host Brian Kelly and trader Tone Vays, who forecast a dip to $14,000 on Thursday; but while the rest of the crypto space is also under pressure, November remains a big month with Bitcoin up 25%...
CoinTelegraph's William Suberg notes that the sudden price drop came in tandem with large-volume investors depositing BTC to exchanges - presumably with the aim of taking profit near Bitcoin's $20,000 all-time highs.
"All Exchanges Inflow Mean increased a few hours ago. It indicates that whales, relatively speaking, deposited $BTC to exchanges," Ki Young Ju, creator of on-chain analytics resource CryptoQuant, summarized to Twitter followers.
"But long-term on-chain indicators say the buying pressure prevails. I still think we can break 20k in a few days."