Bitcoin faces mixed emotions as price approaches $80K, major correction possible
Artificial Intelligence Summary
Bitcoin (BTC) surged to nearly $80,000 over the weekend, driven by low liquidity and aggressive buying, with the BTC/USD pair gaining nearly $2,000 in just one hour on November 10, according to Cointelegraph. However, the sudden surge has raised doubts among traders, who have warned that Bitcoin could be set for a “significant drop.”
Weekend price hike sparks mixed reactions
Following recent patterns of weekend price action, Bitcoin surged nearly 3% on Sunday. While bulls are taking advantage of thin weekend liquidity, commentators like WhalePanda have warned that such moves often see a full reversal once regular trading resumes. Keith Allen, co-founder of Material Indicators, emphasized the importance of sustained pullbacks during uptrends, warning that weekend gains could be short-lived.
Concerns about market manipulation and manipulation tactics
Trader Skew offered insights into the potential mechanisms behind the rally, suggesting that high-volume traders may be using “manipulation” orders to artificially drive down prices, allowing them to buy Bitcoin at discounted levels. By creating price momentum, these traders may be aiming to attract algorithmic buyers, helping them reach an unofficial target of $80,000.
Risk of major correction
Despite Bitcoin’s 15% weekly gain, some traders are concerned about a potential reversal. A prominent analyst, Credible Crypto, reiterated his prediction of a sharp correction, targeting a drop below $50,000. He warned that altcoins and Bitcoin prices could peak sooner than expected, indicating a “big move down” is imminent.
Key Price Levels to Watch
For Bitcoin to enter a “parabolic” phase, bulls need to secure a weekly close above $71,500, a level that analysts consider crucial for the rally to continue. However, the volatility and low liquidity that have shaped recent moves make a decline a significant risk in Bitcoin’s current price discovery phase.#MarketDownturn $BTC
