Bitcoin (BTC) has crossed $ 17,400 at the intraday rally. On Coinbase, BTC also established two New Year’s highs, approaching the 17,700 mark. As the BTC multi goes through multiier resistance above 17,000, analysts are divided on its short-term outlook. Some say BTC is for pullbacks as whale deposits begin to grow. Others believe that there is little resistance up to 20,000 and an all-time high is possible before the next deep improvement.
The pace of Bitcoin over the past month has been particularly impressive for two main reasons. First, during the previous bull cycle, longtime trader Peter Brand Explained, BTC saw nine improvements. But in the ongoing rally, BTC has seen only two 10% improvement. Second, Bitcoin has steadily improved from areas where improvement was expected, such as Nov. On the 16th, when he hit 14,774 on Benson.
However, as market sentiment around Bitcoin heats up, calls for pullbacks are also on the rise. Speaking to Sectograph, Ki Young Jue, CEO of crypto data provider CryptoQuant, said the exchange whale ratio indicates that whale deposits in exchanges are increasing. In the near term, this could put selling pressure on BTC. Traders also say that the current high of BTC near TC 20,000 could be the next race, leading to improvement before hitting the level.
A small bitcoin pullback?
When Bitcoin whales deposit BTC into exchanges, the trend usually shows an intention to sell from high-net worth investors. According to the cryptocurrency tokens transferred metric and exchange whale ratio, deposits of both whales and general investors have started to grow. This suggests that more investors are flocking to the exchange to make a profit on their BTC holdings. Key said:
“The number of tokens transferred (not entity-adjusted) on the Bitcoin network is increasing, indicating that whales and wallets are moving their funds. And the fund flow ratio for all exchanges is declining, meaning exchanges do not stimulate these large transactions. . […] I think a large number of OTC deals are still ongoing. That’s still one of the main reasons I’m still long-term on Bitcoin. “
The exchange whale ratio is also going to move to a level that has historically led to a big drop in prices. Key said that in the last few days, the ratio has hovered above 85%, putting Bitcoin in a precarious position for potential improvement. Since there is virtually no resistance between the peaks of અને 18,000 and 20,000, it would be reasonable to expect whales to make a profit of approximately 17,000.
Whales gain liquidity for both buying and selling orders as they deal in bulk. Well BTC is ideal for whales when the price of BTC is rising, as it limits the volatility of potential losses. Therefore, there is a strong possibility that whales will sell for between ,000 17,000 and ,000 18,000 as a last stop before seeing the new all-time high. Key added as:
Given the “exchange whale ratio (h૨ HMA)”, BTC prices are likely to improve slightly. […] When this is less than 85%, prices are more likely to rise steadily. Between 85% and 90% indicates an improvement, and above 90% indicates that the price may decrease significantly. We risk a slight improvement as this value goes above 85% right now. “
Some nickname traders have also predicted that BTC will see a short-term peak before reaching a new record high. In the medium term, even if BTC’s momentum is strong, the trader known as “Salsatekila” Said Low BTC support is expected. He pointed to 12,000,000 as potential areas where further deep improvements could take place. Given Bitcoin’s historical cycle, the trader also said that a six-month correction would not be unusual.
Continuous bull rally until the end of the year
On top of the favorable technological design of Bitcoin, the cryptocurrency market buys a significant spike bull case in daily volume. Nov. On the 17th, Benson CEO Changpeng Zhao Said The exchange saw a -l-time high system load, indicating that the demand for cryptocurrency trading is increasing.
Arken Research has similarly found that bitcoin spot volume has increased by 270% in the past month. The clear increase in volume in the cryptocurrency market in general shows that there is real demand behind the ongoing bull run. Arken Research Weekly Report reads:
“Daily volume was highest on Thursday last week after a brutal crash in March and has been high in the last few days. This will push the 7-day average to new highs this week. Bitcoin volume has risen more than 270% in the past month. “
Despite all the above positive factors, the mainstream is not involved in the ongoing rally. Google Trends shows that the popularity of the keyword “Bitcoin”, it is only 16% during the peak of 2017. A recent Bloomberg report called the recent uptrend a rally called “nobody’s talking.” These trends show that Bitcoin has significant room to grow by the end of the year.
But Matt Male, an investor at Miller Tabak + K Co., which acknowledges the high institutional demand surrounding Bitcoin, said it was uncertain whether individuals would return, as “badly burned” in 2017, now potentially “less excited” about BTC. Is. The way to change this is if Bitcoin breaks its record-high of 20,000 20,000 and FOMO – the risk of losing – around the BTC return. Therefore, there is a high probability that if BTC hits the new all-time high, a massive rally could take place.
