What will happen if Bitcoin whales who bought In 2018 sell BTCs?

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Some Bitcoin whales who bought Bitcoin in late 2018 and mid-2019 might be selling, according to on-chain data. But it does not necessarily mean a correction is coming.
Whales are individual investors that own large amounts of Bitcoin. Whales typically tend to pick areas of high liquidity to sell their BTCs. As such, whales often mark the short-term top or bottom of Bitcoin.
According to data from Whalemap, whales who purchased from the $4,000s and $6,000s in 2018 and 2019 recently moved their BTC.
In an exclusive interview, the researchers at Whalemap showed that the movement of funds by whales generally represents selling pressure.
Red bubbles on the whale chart appear when whales who bought at that price points move their funds. Based on that, the researchers said that whales or the “smart money” have shifted.
“Red bubbles show locations at which hodlers originally held their BTC before transacting it. So imagine you bought bitcoins at the $20k peak and yesterday you decided to send them to an exchange for instance. In this scenario – red bubble at 2017 peak will appear. Bubbles also show data from yesterday – so all the HODLer transactions that are displayed in our latest tweet happened yesterday. Looking at the bubbles themselves, one way how we interpret them is that possibly whales or most likely smart money has moved,” the researchers said.
Although whales moving their assets usually demonstrates an intent to sell, there are potential variables.
For example, Whalemap researchers explained that whales could be involved in over-the-counter (OTC) deals or cold wallet rearrangements.
A cold wallet is an offline Bitcoin address, which both whales and normal investors safely store their Bitcoin. The whale data shows that whales are transferring their funds, but it is unclear whether they are moving to exchanges.
“Usually, this type of HODLer transactions are HODLer—>exchange. Sometimes though, it could be OTC deals or exchange cold wallet rearrangements Here is also a couple of tweets where we were seeing similar activity from HODLers and CryptoQuant guys were noticing weird activity happening as well. Later it turned out that it was indeed OTC deals happening (possibly could have been Microstrategy MSTR +0.6%). And yeah, smart money moving is usually bad for price,” they added.
Bitcoin whales might be selling at the current price range for several reasons.
First, whales who bought in the $4,000 to $6,500 range are really profitable. Given the lack of BTC volatility in recent weeks, some whales might want to take profit.
Second, Bitcoin has continuously rejected the same resistance level over the past two months. It has struggled to break out of the $11,000 to $12,500 resistance range, which shows a consolidation phase.
Bitcoin underperformed in the past two fourth quarters in 2018 and 2019, and that trend is also worth considering. But, BTC is currently in a post-halving cycle, and in 2016, BTC achieved a record high 15 months after the halving.
If some whales sold, they might have been attracted to take profit after years of holding onto their Bitcoin. If the whales did not sell, it could have been OTC deals or cold wallet arrangements.

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