July 24, 2024
Bitcoin Whales Aim to Protect BTC from $48K Downside
Bitcoin price today

Bitcoin Whales Aim to Protect it from $48K Downside

Friday, June 14, 2024: Bitcoin Price Today is $67,022. Bitcoin’s stability above $50,000 is under threat, with new analysis suggesting a potential drop if remaining bid support collapses. On June 14, renowned trader Peter Brandt shared insights on X, offering Bitcoin (BTC) bulls some sobering thoughts.

Source: TradingView

Recent Price Struggles of Bitcoin

Bitcoin’s performance at $67,000 has sparked mixed opinions as the latest BTC price surge failed to break out of a persistent trading range. Despite touching $70,000 earlier this week, BTC/USD has again failed to sustain its upward momentum, settling back into familiar territory after U.S. inflation data-induced volatility. Brandt, highlighting the potential for further declines, commented on the chart patterns, stating, “Sometimes the most obvious interpretations of a chart work out, most of the time the charts morph,” labeling BTC/USD as a “chart of interest.”

“But the most obvious is this: Break through 65,000, then mkt goes to 60,000. Break through 60,000 mkt goes to 48,000.”

BTC/USD chart. Source: Peter Brandt

Bitcoin has not traded below $50,000 since mid-February, a month before reaching its current all-time high of $73,800. These highs have since acted as strong resistance. Data from trading suite DecenTrader reveals significant liquidity at and above the $70,000 mark, with popular trader Skew noting on June 13, “There’s pretty thick ask depth around $70K & higher; the market will require some new narrative probably to bid through that.”

BTC liquidity map. Source: DecenTrader

Diverging Market Sentiments

Despite the bearish outlook, not all market analysts agree that a downward trend is inevitable for BTC. Observers have pointed out that Bitcoin whales have significantly increased their BTC holdings at current price levels. The number of whale entities holding at least 1,000 BTC is approaching record highs this week. Willy Woo, the creator of on-chain data resource Woobull, emphasized this bullish trend, stating in response on X, “Yes this is bullish.”

“Every cycle in the past, the FOMO phase of the bull market starts when they start selling into the price rally (i.e. divesting from being whales).”

Supporting this optimistic view, crypto investor and YouTuber Quinten highlighted data from the on-chain analytics platform CryptoQuant, which revealed that whale purchases have reached $1.3 billion. This substantial accumulation by large holders suggests confidence in Bitcoin’s long-term potential, countering the bearish predictions with a bullish outlook based on on-chain activity and whale behavior.

BTC inflows to accumulation addresses. Source: Quinten

Image by Miloslav Hamřík from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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