As Bitcoin approaches $ 26K, BTC could drop $ 40 in another wave of stimulus

0
0


Bitcoin price (BTCOn December 26, Binance hit a record high of $ 25,945. The highest record on Christmas day.

BTC / USDT Working Hour Candlestick Chart (Binance). Source: TradingView.com

There are a wide range of reasons behind Bitcoin’s march High organizational demand For BTC. However, for the current intraday competition, excessive shortening of Binance Futures may be the main reason.

$ 25,000 BTC above current stock-to-flow model price

Prior to the unrest, many traders shorted Bitcoin on major futures exchanges. This ultimately has had a short-term effect as short sellers have been selling closer to the past.

As the Bitcoin price broke into a price discovery as soon as it broke the record high, the BTC rose rapidly. In addition, the current protests mean that BTC is above the popular stock flow model Estimated target $ 100,000December 2021 by t.

What will happen to Bitcoin next?

According to Bybt.com, $ 131 million worth of Bitcoin futures were canceled in the last 24 hours. Meaning The market is likely to be shorter in the near future as the number of sellers increases.

Meanwhile, traders and tech analysts remain generally very positive about Bitcoin’s price path. Popular trader Philip Swift, for example, said that during the current protests, many sellers actually fell.

“For the first time in the big race, 1000btc wallets, the big players, were quiet in this big race,” Swift explained. Over the past few weeks, we have seen a rapid decline in> 1000btc wallets. BTC Wallets 1-10 (bulk retail) have been rising steadily in recent weeks. ”

He repeated.

So a quick topline analysis suggests that a lot of retailers are now breaking Christmas. Possibly: (a) New ATH is now being developed by family / friends notifying BTC during the holidays. B) Switching some potential from XRP / other alts.

As it has not yet reached a clear peak, traders are becoming more wary of Bitcoin shortening. When the BTC peaks, the chances of a large short-term contraction, which will push up the price over a short period of time, are high.

In addition, Cointelegraph Markets analyst Michael van de Poppe said the next wave could see Bitcoin surpass $ 40,000. he Posted by:

“Bitcoin has risen even more as it approaches my second Fibonacci goal, around $ 25,800. The more we go, the more we go. If $ 25,800 is this temporary peak, the next push could reach $ 40,000 billion. ”

Be aware of organizational demand

When corporate purchases for Bitcoin are slow, the next logic for Bitcoin is likely to be top notch.

A practical way to measure organizational sentiment is to assess the volume of the CME Bitcoin futures market and BTC. Ride to Grayscale:

There is little chance of a deep Bitcoin discipline until the two institutional investment vehicles see a significant drop in demand and trading volume.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here