As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed countless market cycles and trends that defy conventional wisdom. However, the recent surge in Bitcoin (BTC) prices to nearly $80,000 over the weekend has left me somewhat skeptical, but not entirely surprised.
Bitcoin (BTC) is dividing opinion as a weekend BTC price surge takes BTC/USD to nearly $80,000.
Mixed reactions as Bitcoin sees weekend surge
Information gathered from CryptoMoon Markets Pro and TradingView indicates that Bitcoin experienced an increase of nearly $2,000 within a one-hour timeframe on November 10th.
Following the price patterns observed over the past weekends, it seems the bulls are exploiting the limited available funds to push the market up, as stated by CryptoMoon.
However, with BTC/USD up nearly 3% on a Sunday, some are already skeptical.
On weekends, when market activity is generally low, it’s common for the market to fully correct itself, as highlighted by the commentator WhalePanda to his audience on platform X.
Keith Allen, a partner at the trading resource Material Indicators, emphasized once more that “mild corrections” or “temporary declines” are important in Bitcoin’s upward price movements.
Indeed, weekends are meant for enjoying activities like whale games, but since we’re immersed in Price Discovery, my attention is currently drawn towards the closing points for Bitcoin on a weekly and monthly basis,” he mentioned in his recent post.
This week, Bitcoin has experienced a rise of almost 15%, and according to previous reports from CryptoMoon, the crucial point for bulls to ignite a “parabolic” surge is around $71,500.
Examining the activity on the order book, a well-known trader called Skew shared their perspective on the strategies that might be employed by high-volume traders influencing the current market movements.
These entities push the market down using “fake” bid liquidity, eventually filling genuine bids at artificially low temporary highs later.
In simpler terms, “The last step involves adding a percentage to the price, which generates a price trend. This action triggers algorithms to bid too, and the whole process can continue.
I’d like to see the latest passive bids raised quickly to boost the price and strengthen the buying pressure. A subsequent post suggests that $80K could potentially be the target.
Trader sees sub-$50,000 BTC price dip risk
Also concerned about an imminent market U-turn is popular trader and analyst Credible Crypto.
Based on their current prediction, Credible Crypto expects a substantial drop in Bitcoin‘s price, and they reaffirmed this forecast during the weekend, setting their target at below $50,000.
In other words, it seems to me that the peak for many altcoins (which also implies Bitcoin) might come faster than anticipated.
That dip, he added, would result in a “major leg down.”
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2024-11-10 11:01