Bitcoin ripe for ‘major leg down’ as BTC price nears $80K — Trader
2024.11.10 02:49
Bitcoin (BTC) is dividing opinion as a weekend BTC price surge takes BTC/USD to nearly $80,000.
BTC/USD 1-hour chart. Source: TradingView
Mixed reactions as Bitcoin sees weekend surge
Data from Cointelegraph Markets Pro and TradingView shows Bitcoin gaining almost $2,000 in a single hourly candle on Nov. 10.
Keeping in line with recent weekend price trends, bulls appear to be taking advantage of thin liquidity to drive the market higher, Cointelegraph reported.
However, with BTC/USD up nearly 3% on a Sunday, some are already skeptical.
“Weekend moves in low liquidity almost always full retrace btw,” popular commentator WhalePanda told followers on X.
Keith Allen, co-founder of trading resource Material Indicators, reiterated the need for “some pullbacks” during BTC price uptrends.
“Of course, weekends are for whale games, and we are in Price Discovery, so at this point, I’m more focused on Weekly and Monthly closes for Bitcoin,” he wrote in part of his latest X post.
BTC liquidation heatmap. Source: CoinGlass
Bitcoin is currently up nearly 15% this week, with Cointelegraph earlier reporting on $71,500 as the key line in the sand bulls need to spark a “parabolic” phase next.
Analyzing order book activity, meanwhile, popular trader Skew explained the likely methodology of the large-volume traders behind current price action.
These entities drive the market lower with “spoof” ask liquidity, only to have bids filled at an artificial local low later on as a result.
“Final part is they twap a % into price to create price momentum – this causes algos to bid as well,” he summarized, with the process then able to repeat.
BTC/USDT 1-minute chart. Source: Skew/X
“Would want to see new passive bids moved up soon to support price & increasing buying momentum in price,” a further X post added, with Skew asserting that “$80K does seem to be the target.”
Trader sees sub-$50,000 BTC price dip risk
Also concerned about an imminent market U-turn is popular trader and analyst Credible Crypto.
Related: Bitcoin price needs 2 months to return ‘above macro trend’ — Forecast
Already positioned for a significant BTC price correction, Credible Crypto doubled down on that forecast over the weekend, giving a target of under $50,000.
“To be clear, what I’m trying to say is I think we are likely approaching our top on most alts (and therefore BTC as well) sooner than expected,” he stated.
That dip, he added, would result in a “major leg down.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
