Bitcoin (BTC) Price New Lows Predicted, Whales to Not Stop at $6,700

News
Fri, 03/27/2020 - 11:47
Vladislav Sopov
While the majority of traders are getting in front of the potential Bitcoin (BTC) price pump, some indicators show that the bearish rally is clearly nowhere near its end
Cover image via stock.adobe.com
Contents

Margin trader @Chase_NL is certain that we should brace ourselves for new nasty swings in the Bitcoin (BTC) price before a long-awaited run.

For whales, $3K is better than $6K

The trader analyzed the widespread narrative that explains the recent crypto market Black Thursday as a matter of consolidated whale sell-offs. @Chase_NL highlighted that we shouldn't forget that accumulation in the $3,000-$4,000 zone is much more profitable than in the $6,000-$7,000 zone.

All in all, bullish efforts from accumulators may still be very powerful, so, suppressing the price may not be easy.

As U.Today previously reported, the tremendous Bitcoin (BTC) price drop on the 12th-13th of March coincided with massive position liquidations on multiple Bitcoin (BTC) derivatives platforms, particularly, on BitMEX. When the dust settled, two theories to explain this fall were the most popular. 

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Bitcoin (BTC) Price Worst Day Since 2017: What Happened?

According to the first one, this sell-off was caused by the panic liquidations from institutional traders scared by overall COVID19-caused market volatility. Alongside that, some analysts claim that some stop-losses were activated on BitMEX due to a DDoS-attack and further liquidations only followed. 

Doesn't look like 2019

The trader also insisted that the ongoing market processes have very little in common with the Bitcoin (BTC) bullish rally of Q1-Q2, 2019. We're only two weeks past that horrible night for crypto holders, while the 2019 rally lasted 135 days. So, the fact that Bitcoin (BTC) is 78% up from its local low should be treated only as a 'V-turn'.

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Bitcoin (BTC) Could Gain Even More This Year Than in 2019, Says Fundstrat's Tom Lee

Mid-term predictions from @Chase_NL sound highly bearish as he is certain that the

price is being propped up for distribution before heading to new lows for a long accumulation period.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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