Analysts are divided over what the leading cryptocurrency Bitcoin will do in the short term. Bitcoin continues to push the level of $ 19,500. Here are the predictions that will determine the direction of Bitcoin in the short and long term …
Attention: The $ 19,500 level is the level where whales will sell!
Although Bitcoin price has approached its all-time high in the past few weeks, it has not passed critical resistance levels and the struggle continues. Experts and analysts state that this could be due to whale sales that took place in the range of $ 19,400 to $ 19,600 just before the cryptocurrency hit a record high. Data collected from CryptoQuant and Whalemap show that the $ 19,500 level (or the range of $ 19,400 to $ 19,600) matters as it is the level at which whales will take a selling position.
According to the latest data, large clusters of whales in this range await without any action. Whale clusters in this region are taking great risks to profit from or multiply their initial investments Research firms collected and analyzed the whale transactions that took place when the Bitcoin price hit $ 19,500. As a result, it turns out that the whales took a short position just before Bitcoin hits its all-time high. This is clear evidence that whales are pushing the market downward.
Could Bitcoin break the $ 20,000 level in the short term?
At present, it is difficult to tell whether the price of Bitcoin will see a downward correction or rise above the $ 20,000 level. Analysts and traders have made various predictions about the short-term future of the leading cryptocurrency, which according to popular analysts, the outlook for BTC could turn negative if Bitcoin, which broke the $ 19,000 level, fails to surpass the next resistance levels.
Whales Are Selling BTC To Institutions As Bitcoin Continues “Supply Squeeze”
CryptoQuant’s Ki Young Ju states that in the long run Bitcoin is bullish. However, according to the analyst, in the short term, the leading crypto currency can be traded in a downtrend. The popular analyst emphasizes that the war between individual investors who want to make a profit and long-term Bitcoin investors can put the market into a downward trend.