What everyone is waiting for is an update on historical highs when Bitcoin sharply, exponentially shows amazing growth and flies up like a rocket (hence the expression of all crypto investors "to the moon"), and then, with the same speed, this rocket falls.
Why does this happen and what does it depend on? Everything depends on the big whales (holders of large sums of money) manipulating this market. The main difficulty for whales is to earn money, not the ability to quickly sell Bitcoin at the desired rate. If you need to sell all of your Bitcoin at a rate of say $40,000, and the revenue from the sale of your Bitcoin at the current rate is $1,000 of your capital, then you can easily do it because there is high liquidity in the markets, i.e. a lot of orders to buy at the current rate, but these orders are not endless, of course, there are orders to buy below the cost. In any case, for the cryptocurrency market, $1,000 is not a big amount of money and can be easily converted into BTC and back. But what about whales? Imagine that you are a whale with a large amount of Bitcoin, the rate of which is $40,000 per 1 BTC and if you sell all of your Bitcoin at the current rate, you should get $100,000,000,000, but most likely you will not succeed, at least for today.
The point is that on the exchange, there simply may not be enough orders to buy BTC at a rate of $40,000, i.e. there is no buyer, but you need to sell urgently, at the same moment. What happens? You place an order to sell all Bitcoin "at the market" and the exchange begins to execute the sale of your Bitcoin on all available orders to buy, from the highest to the lowest rate, until all your Bitcoin is sold to buyers.
As a result, you received not $100,000,000,000 as you calculated, but for example only $20,000,000,000, because by your sale you collapsed the Bitcoin rate, and your sale turned out to be not at $40,000 per BTC, but significantly lower. Hence the simple conclusion follows, unlike ordinary retail investors, a whale cannot simply sell their Bitcoin at the desired rate, just as they cannot buy.
After all, if a whale begins to blindly buy Bitcoin for huge amounts of money, the BTC rate will begin to rise at the moment, and after their order is fully executed on existing orders in the order book on the exchange, the rate may fall, because retail investors and whales, who are smaller (they are called dolphins), will start selling their BTC to fix the profit on the growth of the Bitcoin rate. The result: a huge and influential whale turned out to be just a fat hamster sitting in a terrible minus (hamsters are those who lose money on the markets, mostly small and medium-sized participants).
This material is not financial advice. Be careful when trading in the cryptocurrency market.