Bitcoin (BTC) has been fluctuating between $ 6,500 and $ 7,000 for several days. While a decline is expected after every unsuccessful attempt that has tested $ 7,000, with the support formed at the level of $ 6,500, the prospects for bullishness are renewed again. Global markets that are at the stage of economic depression and the economic measures of the FED keep hopes that the Bitcoin rally will be soon. However, the crypto trader ‘Chase_NL’ stated that it expects a collapse before the Bitcoin rally.
Whales Waiting to Get Bitcoin (BTC) for $ 3,000
Trader analyzed Black Thursday causes and widespread whale sales, which caused the collapse. Trader Chase_NL said that accumulation in the $ 3,000- $ 4,000 region is much more profitable than the $ 6,000-7,000 region and whales are waiting for these levels.
some $ BTC thoughts
1. If this is a whale controlled move, why would they choose 6.7K to accumulate rather than 3K or 4K? If they wanted to suppress price, I’m sure they could have done it lower.
– Chase_NL (@Chase_NL) March 26, 2020
However, Bitcoin (BTC) bullish efforts still seem to be very strong, so suppressing the price may not be easy.
The tremendous Bitcoin (BTC) price drop experienced between 12-13 March led to large position purgements on multiple Bitcoin (BTC) derivative platforms, especially BitMEX. While everyone was wondering about the reasons behind this collapse, two theories came to the fore.
According to the first, this sale originated from institutional investors who feared the general market volatility caused by COVID19 and made panic liquidations. Second, some analysts claimed that there was more liquidation in BitMEX due to a DDoS attack.
“The Recent Rise Is Not Like The Rally”
Trader also said that the ongoing market processes have little in common with the Bitcoin (BTC) rally in 2019. The rally that took place in 2019 took 135 days, so 78% higher than the lowest level of Bitcoin (BTC) should only be considered as a ‘V-turn’. Trader also explains the medium term Bitcoin view as follows:
BTC price is supported for distribution, but it will go to new lows before entering the long-term accumulation phase.
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