Original title: Bitcoin ripe for 'major leg down' as BTC price nears $80K — Trader
Original author: William Suberg
Original source: https://cointelegraph.com/
Translated by: Daisy, Mars Finance
Although the price of Bitcoin is in the process of exploring new highs, this has not stopped market participants from predicting that its price will quickly fall back.
Bitcoin sparks divergence amid weekend price surge, BTC/USD nears $80,000
BTC/USD 1-hour chart. Source: TradingView
Bitcoin surges over the weekend, with mixed market reactions
Bitcoin rose by nearly $2,000 in a single hourly candle on November 10.
As Cointelegraph reported, market bulls appear to be taking advantage of periods of lower liquidity to drive the market higher following recent weekend price trends.
However, despite BTC/USD’s nearly 3% gain on Sunday, some are beginning to express skepticism.
“Price moves on weekends with low liquidity almost always retrace completely,” prominent commentator WhalePanda told followers on the X platform.
Keith Allen, co-founder of trading resource Material Indicators, reiterated that “some pullback is needed” as Bitcoin price rises.
“Of course, weekends are whale play time and we are in the price discovery phase so I am more focused on the weekly and monthly close for Bitcoin at this time,” he wrote in part in his latest X-Platform post.
BTC liquidation heat map. Source: CoinGlass
Bitcoin is up nearly 15% this week, with Cointelegraph earlier reporting that $71,500 is the key level that bulls need to break to trigger the next leg of a “parabolic” rally.
Meanwhile, analyzing order book activity, well-known trader Skew explained the possible strategies used by large traders behind the current price action.
These institutions push the market lower through “fake” sell liquidity and then buy fill at artificially set local lows.
“The final step is that they gradually buy in a timed average fashion to create price momentum – which then prompts the algorithm to buy as well,” he concluded, after which the process can be repeated.
A further post by Skew on the X platform added: “I would like to see new passive buy orders quickly raise to support the price and strengthen the buying momentum in the price,” also noting that “$80,000 seems to be the target price.”
Traders Bearish on Bitcoin Price Dropping Below $50,000
Another prominent trader and analyst who is eyeing an imminent market reversal, Credible Crypto, expressed concerns.
Credible Crypto is already bracing for a significant correction in the price of Bitcoin and further emphasized this prediction over the weekend, targeting a price level below $50,000.
“To be clear, what I am saying is that I think we are likely approaching tops for most altcoins (and therefore Bitcoin) sooner than expected,” he said.
Such a pullback would result in “a major decline,” he added.
