According to Cointelegraph: Bitcoin (BTC) surged close to the $80,000 mark over the weekend, driven by low liquidity and aggressive buying, with BTC/USD gaining nearly $2,000 in just one hour on November 10. However, this sudden rally has sparked skepticism among traders, who warn that Bitcoin may be ripe for a “major leg down.”
Weekend Surge Draws Mixed Reactions
Following recent patterns of weekend price activity, BTC surged by almost 3% on Sunday. While bulls are capitalizing on thin weekend liquidity, commentators like WhalePanda warned that such moves often see a full retrace once regular trading resumes. Keith Allen, co-founder of Material Indicators, emphasized the importance of sustained pullbacks during uptrends, cautioning that weekend gains may be short-lived.
Market Manipulation Concerns and Spoofing Tactics
Trader Skew provided insights into the likely mechanics behind the rally, suggesting that large-volume traders may be using “spoof” ask orders to push prices artificially lower, allowing them to buy BTC at discounted levels. By creating price momentum, these traders may aim to attract algorithmic buyers, helping them reach an unofficial target of $80,000.
Risk of Significant Correction
Despite BTC’s 15% weekly gain, some traders are concerned about a potential reversal. Credible Crypto, a well-known analyst, reiterated his prediction of a sharp correction, targeting a dip below $50,000. He cautioned that altcoin and BTC prices might peak sooner than anticipated, signaling an impending “major leg down.”
Key Price Levels to Watch
For BTC to enter a “parabolic” phase, bulls need to secure a weekly close above $71,500, a level analysts view as crucial for continued upside. However, with volatility and low liquidity shaping recent moves, a pullback remains a significant risk in Bitcoin’s current price discovery phase.
