As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I can tell you that the recent dip below the $100K mark for Bitcoin is nothing to be too worried about. History has shown us time and again that Bitcoin’s price action is as erratic as a roller coaster ride at an amusement park.
The value of Bitcoin hasn’t consistently stayed above $100,000, causing some investors to fear that its remarkable growth period may be ending. However, it’s important to note that such predictions are highly speculative at this point, and the price seems to be hovering around significant levels.
Bitcoin Price Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
In simpler terms, after failing to stay above the significant $100K mark on a daily basis, Bitcoin’s price dipped again. However, following a recent dramatic drop, the market has bounced back well, with the $90K level holding strong so far.
At present, the price is attempting to break through the $100,000 barrier yet again. Given the overall bullish trend in the market right now, there’s a strong possibility it will climb further within the next few weeks.
The 4-Hour Chart
On the 4-hour chart, an upward trending channel is noticeable, where Bitcoin’s price has been steadily increasing within this pattern. However, attempts to surpass the upper limit of the channel have been unsuccessful, causing Bitcoin to fall short of maintaining prices above $100K.
However, as long as the channel is not broken down, the cryptocurrency is likely to rise higher.
If the market surpasses the upper limit of the pattern, it significantly increases the chance of a strong bullish trend pushing the price upward past the $100K mark.
On-Chain Analysis
By Edris Derakhshi (TradingRage)
Exchange Whale Ratio
Although Bitcoin’s price line hasn’t consistently been above $100K, its recent struggle to rise further might stem from several possible factors.
Analyzing the Exchange Whale Ratio could help find the cause.
The “Bitcoin Whale Exchange Ratio” provides an indication of whale activity, showing the proportion of significant deposits into exchanges compared to the overall deposits.
Based on the graph, it appears that this specific indicator has noticeably decreased during the past couple of weeks, suggesting a possible reduction in the frequency of large-scale coin sales by the whales.
It’s possible that the recent pause in Bitcoin’s upward trend is linked more to a series of liquidations and cooling down of the futures market, rather than changes in the dynamics of the spot market. This situation might have lasting effects for the future.
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2024-12-08 19:46