Despite the massive whale buying, Bitcoin’s price range remains stable, giving traders little reason for optimism.
According to recent research,Bitcoin could still fall below $50000 if the last piece of support breaks. On June 14, prominent investor Peter Brandt sparked thought among Bitcoin bulls with a post on X. After the most recent failed price rise, opinions are mixed on Bitcoin at $67,000. The BTC/USD pair gave up trying to break out of a stable trading range for weeks after touching $70,000 earlier this week.
According to the trader, those who buy Bitcoin should have $60,000
Opinion on Bitcoin remains divided at $67,000, with dissatisfaction growing following the recent failed BTC price breakout.
This week, after reaching $70,000, BTC/USD gave up trying to maintain a stable trading range for several weeks.
On the contrary, the market moved back into very familiar territory, albeit with volatility generated by US inflation data.
Brandt is not ruling out the prospect of long-term lows in the near future.
He depicted the BTC/USD match as a “chart of interest.” “Sometimes the most self-evident elucidations of a chart work, but most of the time the charts change,” he composed.
However, this is the most obvious thing: after crossing 65,000, the market capitalization drops to 60,000. Cross 60,000 million and reach 49,000 million.
The last time Bitcoin was valued below $50,000 was in mid-February, a month before its most recent all-time high of $73,800.
Since then, those high levels have proven a tough hurdle to overcome, and data from trading suite Decentrader shows just how much liquidity there was both in and out of the market.
In a piece of his research on June 13, noted trader Skew said, “There’s pretty thick ask depth around $70K and above; the market will probably need some new narrative to bid it up to that.”
Notable Remarks from Well-Known Figures
Not everyone agreed that the price of Bitcoin would definitely go down. At recent price levels, some market observers noticed that Bitcoin whales have significantly increased their exposure to the cryptocurrency. The volume of whale holdings with at least 1,000 bitcoins is reaching an all-time high this week.
Willy Woo, the creator of blockchain data portal Woobull’s, hinted in a section of his X Answers that this is a bullish signal, saying:
“In every previous cycle, when they start selling in price increases, the FOMO phase of the bull market begins.”
Blockchain data research firm CryptoQuant provided statistics to Quinton, a cryptocurrency investor and YouTuber,showing that whale purchases had reached a total of $1.3 billion.
