Even though whales are buying, Bitcoin could drop if there isn't enough demand from new buyers. Large purchases are influential in the short term, but their impact fades over time. An increase in coins held for more than 155 days suggests a long-term hold, common in price declines. A decrease indicates short-term selling, typically during rallies or overbought times.
$BTC possible drop. $BTC : Continuing with our bearish outlook, we maintain the target of a SHORT trade towards $55,500, and a second SHORT entry towards 48,000 USDT.
This represents a drop of close to 12% from current levels đ.
Since March, Bitcoin has been trending downwards. We have already seen four bull traps, and we suspect that we are facing the fifth.
After each of these signals, a new low has been generated on the weekly charts đ.
For the OnTrader team, Bitcoin could fall to $48,000 this month, but only if the US inflation data is negative.
If you're looking for buying opportunities, the target is $66,000. For those trading on the short side, the range between $53,000 and $55,000 is a good conservative target.
At OnTrader we expect a drop towards $53,000 this week if the inflation data on Thursday, October 10th turns out negative.
Bitcoin has formed 4 higher lows on weekly charts, which has historically led to an average drop of 24.5%. If the pattern repeats, the price could drop towards $50,000.
đ Since March, it has failed to form a fifth higher low.
Bitcoin is expected to fall to $40,000 before the end of the year. We have been warning about this possibility for eight weeks now.
A sharp drop is expected this week as there are strange moves on Binance and Coinbase. In addition, BlackRock has sold a large amount of Bitcoin, which also indicates a drop.
The inflation data due out on Thursday could confirm our bearish outlook and push us to $50,000.
We have warned about unusual movements in Bitcoin.
Recently, 33,785 BTC (valued at $2,101,427,000) have been moved in one block, raising suspicions that the US government could be preparing a massive sale of Bitcoins đ€.
In addition, another important movement involves 64,230 BTC from a wallet between 12 and 18 months old. These movements generate concern in the market.