Bitcoin (BTC) Price May Soar To $79,600 If This Condition Is Met

Technology

Is Bitcoin Price Headed for $90,000? Shift in Market Sentiment as Whales Circle – Crypto News

Published

1 year ago

June 10, 2024

Dripp

On Monday, the BTC experienced a slight decline of 0.28%, reflecting a lack of decisive movement from either buyers or sellers. Recently, the Bitcoin price fell below the $70,000 mark, leading to increased supply pressures on various altcoins, suggesting that the current consolidation phase may persist. Nonetheless, despite the tepid price movements, the purchasing activity of both whales and retail traders suggests that this may be the lull before a significant market rally.

Also Read: Bitcoin Holders With 964K BTC Near Breakeven, Will BTC Price Dip To $67K?

Bitcoin Price Breakout From Flag Pattern Hints Major Rally

Bitcoin Price| Tradingview

On June 6th, the Bitcoin price reverted from the combined resistance of $71,750 and the upper trendline of the flag pattern. Since mid-March, this chart pattern has been leading a sideways trend within two parallel walking trendlines working as dynamic resistance and support.

The recent reversal plunged the BTC price by 3.65% to current trade at $69364, while the market cap recorded at $1.367 Trillion. With the overhead supply intact, the coin price could prolong the current consolidation trend and build sufficient momentum for a breakout.

In a recent analysis shared by Axel Adler Jr., a significant observation was made regarding the fluctuations in Bitcoin demand among retail investors. According to this verified author from Cryptoquant, there has been a noticeable downturn in the average monthly change in demand for bitcoins from retail investors making investments under $10K. The demand has declined by -17%, marking a considerable shift in investor behavior.

The average monthly change in demand for bitcoins from retail investors <$10K has fallen to -17%.

A similar previous drop to -18% ended with an increase from 40K to 70K. pic.twitter.com/KKXoCddfxs

— Axel 💎🙌 Adler Jr (@AxelAdlerJr) June 10, 2024

Further elaborating on historical data, Adler Jr. points out that a comparable previous downturn of -18% ultimately resulted in an uplift in Bitcoin’s valuation, escalating from 40K to 70K.

Also Read: Crypto Prices Today June 10: BTC & Altcoins Regain Momentum, NOT & OM Top Gainers

Moreover, another analyst Maartun highlighted that the Bitcoin whales have significantly increased their long positions on platforms like HTX Global and Bybit. This trend is visually supported by a CryptoQuant chart showing a sharp rise in the “Bitcoin: Taker Buy Sell Ratio” on Bybit, which correlates with an increase in Bitcoin’s price. This activity suggests that major investors are optimistic about Bitcoin’s future value.

Whales have opened massive #Bitcoin long positions not only on @HTX_Global but also on @Bybit_Official https://t.co/5PT4rdvtOP https://t.co/VCVeKGdYuO pic.twitter.com/VhRynyjkQa

— Maartunn (@JA_Maartun) June 9, 2024

This pattern where whales are accumulating actively while retailers are fleeing from the market often indicates a period of uncertainty which eventually leads to a major upswing.

Thus, a potential breakout from the flag pattern will signal the end of consolidation and extend the BTC price prediction target to $90000.

Technical Indicator

EMAs: The BTC price trading above the daily Exponential Moving Average (20, 50, 100, and 200) indicates the path to least resistance is up.
Moving Average Convergence Divergence: Multiple crossovers between the MACD (Blue) and signal (orange) lines indicate the neutral and uncertain market sentiment.