On Sunday, January 9, the price of Bitcoin managed to breach the $10,000 level. However, it did not go much higher and on Monday BTC started to fall, losing around $300 within a few minutes.
Now, as Bitcoin is trading at $9,828, some crypto traders believe that BTC remains in an upward trend. Still, it might continue declining, since the first sellers have entered the market to grab some profits.
‘Short-term downside pressure increases’
Crypto trader Salaheddine Bouhmidi tweets that after Bitcoin reached the $10,160 area, the first sellers came to the market to fix some profits. The trader points out that the current trend in Bitcoin remains bullish but there is a high chance of a short-term reversal.
Potential re-accumulation of BTC
Crypto analyst Michael van de Poppe also believes in a possible BTC correction. He reckons the Bitcoin price behavior will be rather calm for the time being and that the major digital asset may drop to as low as $9,000 - $9,300. Time for a potential re-accumulation for the sellers, he says.
While responding to crypto analyst Mia Tam, user @JKwoski also stated that the sellers are going to re-accumulate the BTC that they are now selling.
“This is supposed to happen. How else do whales accumulate more #Bitcoin? They sell tops and buy back at lower prices to get more Bitcoin. This has always happened. Normal.”