Is Bitcoin bottom in? Seller exhaustion suggests BTC is about to…
After showcasing impressive performance in November, Bitcoin [BTC] has now entered a consolidation phase. However, a crucial BTC metric flashed a signal, which indicated a possible change in market sentiment. Will this push be enough to send BTC to $100k next?
Is this a Bitcoin bottom?
After touching $99k last week, BTC witnessed a major correction as it fell to $91k. However, things started to get better as BTC hovered around the consolidation zone of $96k.
At press time, the king coin was trading at $96,431.49 with a market capitalization of over $1.9 trillion. This all happened amidst speculations of BTC targeting $100k.
The good news was that the latest analysis indicated a similar possibility. Glassnode’s recent tweet revealed that the Seller Exhaustion Composite for Bitcoin flashed a signal on the weekly timeframe, hinting at a positive shift in market sentiment.
This could mean that Bitcoin was in its market bottom.
Ali Martinez, a popular crypto analyst, also posted a tweet hinting at BTC to $99k in the coming days. Martinez’s tweet pointed out a falling wedge pattern on BTC’s chart, which suggested a possible Thanksgiving rally.
In addition BTC whales are stockpiling the coin. Caueconomy, an author and analyst at CryptoQuant, posted an analysis revealing that almost 16,000 BTC entered whale reserves.
This number continued to increase, corresponding to almost $1.5 billion in on-chain accumulation. This was a clear example of ‘buy the dip’ strategy, reflecting the big pocketed players’ confidence in Bitcoin.