Bitcoin

Bitcoin Price Rings Bullish Bells! Top Analyst Maps Potential Bullish Levels For BTC

Author: Shayan Chowdhury

Shayan Chowdhury right arrow

Author

Shayan is a digital nomad and a professional journalist. He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.

  • linkedin

news-image
Story Highlights
  • It looks like retail investors want to continue investing in BTC without prioritizing the recent market turmoil.

  • As Bitcoin witnesses record spikes in accumulation by whale investors, it may soon initiate a bullish trading session in the crypto market.

Bitcoin has just saved itself from dropping to the worst levels below $15K as the Chinese government came up with lubricant policy guidance and proposed a way to improve the vaccination rate. The crypto market has mainly spread its bearish shockwaves and impacts of negative sentiments to Bitcoin as it struggles to bring bullish hopes to the community due to BTC’s prolonged bearish consolidation. However, several analysts still believe in a bull market which will be led by BTC, as it has shown massive price volatility in the last few days. 

Bitcoin Accumulation Record Spikes After FTX’s Crash!

The harrowing plunge of Bitcoin to the yearly lows of $15K seems to not bother whale investors in accumulating more Bitcoins daily as whales continue to add more BTC holdings to their portfolios amid a FUD situation in the bear market brought by the FTX’s collapse. 

A well-known on-chain data provider, Glassnode, highlights two types of BTC investors that have been actively acquiring Bitcoin since the demise of FTX: the first one is ‘Shrimps’ who hold less than 1 BTC in their wallet, and the other one is ‘Crabs,’ the addresses that hold over 10 BTC.

Glassnode

According to Glassnode, shrimps have added 96,200 BTC (~$1,6 billion) to their wallets since FTX’s downfall, marking an all-time high. The firm further noted that these investors accumulated 1.21 million BTC (~$20 billion) till now, and they control nearly 6.3% of the current BTC circulating supply. Additionally, the firm highlighted that crabs had added 191,600 BTC (~$3.1 billion) to their holdings in the last month, which is also an all-time high.

However, the behavior from shrimps and carbs accumulating Bitcoin is overwhelming, resulting in more buying pressure for BTC to push its price upward. The accumulation rate has also spiked after El Salvador’s president Nayib Bukele announced plans to purchase 1 BTC daily, providing more confidence to investors about stable price movements of Bitcoin in the future. 

What Lies Ahead For BTC Price?

November has been a significant month for BTC as it kept traders and investors under confusion with substantial volatility in the price chart. However, investors seem to get back on track as BTC’s recovery rally vanishes all the chaos, making it a perfect opportunity to buy the dip and enjoy it later. 

A famous crypto analyst, Michael Van De Poppe, predicts that BTC may spark a short-term bullish trend continuation to $18K if it breaks the crucial resistance zone of $16.5K-$16.8K in the next few days. However, the analyst warned traders of a bearish reversal as BTC may fall again to its vital support region near $16K if it fails to hold its current price momentum between $16.3K-$16.5K. 

Twiiter : Michael Van De Poppe

At the time of writing, BTC trades at $16,372, with a rise of over 1% from yesterday. The RSI indicator has slightly pushed BTC’s price near the EMA-20 trend line at $16,917, where BTC faces continuous rejection to register a further upward rally. The MACD line hovers just below the signal line, signifying an extension of the current price consolidation for the next few days. 

If Bitcoin breaks above $17K, it may validate a short-term bullish trend and make an attempt to trade above the Bollinger band’s upper limit of $18.5K. However, the bullish analysis may get rejected if BTC drops below 23.6% Fib retracement and trades near $15.5K, with a potential further downside momentum to $14K. 

Show More

Was this writing helpful?

No Yes

Shayan Chowdhury

Shayan is a digital nomad and a professional journalist. He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.

Related Articles

Back to top button