A weekend surge in Bitcoin prices has taken the cryptocurrency’s value up nearly 15% this week, reaching an all-time high of almost $80,000. However, not everyone is convinced that this trend will continue.
Mixed Reactions as Bitcoin Sees Weekend Surge
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin has gained almost $2,000 in a single hourly candle on November 10th. This price movement is consistent with recent weekend trends, where bulls take advantage of thin liquidity to drive the market higher.
Skepticism Surrounds Weekend Price Movements
However, not everyone is convinced that this trend will continue. Popular commentator WhalePanda tweeted: "Weekend moves in low liquidity almost always full retrace btw." This sentiment is echoed by Keith Allen, co-founder of trading resource Material Indicators, who emphasized the need for some pullbacks during BTC price uptrends.
Understanding Weekend Price Action
In a recent X post, Skew, a popular trader and analyst, explained the likely methodology of large-volume traders behind current price action. These entities drive the market lower with "spoof" ask liquidity, only to have bids filled at an artificial local low later on as a result.
**Skew's Methodology:**
1. Drive the market lower with "spoof" ask liquidity.
2. Fill bids at an artificial local low.
3. Twap a % into price to create price momentum.
4. Cause algos to bid as well, repeating the process.
Target Price of $80K
Skew also asserted that "$80K does seem to be the target." However, another trader and analyst has expressed concerns about an imminent market U-turn.
Trader Sees Sub-$50,000 BTC Price Dip Risk
Popular trader and analyst Credible Crypto is concerned about a significant BTC price correction. In a recent X post, he doubled down on his forecast of a sub-$50,000 dip, stating: "To be clear, what I’m trying to say is I think we are likely approaching our top on most alts (and therefore BTC as well) sooner than expected."
Why the Dip Will Result in a Major Leg Down
Credible Crypto believes that this dip will result in a major leg down. This sentiment is echoed by other analysts who have expressed concerns about an imminent market U-turn.
Market Outlook: What to Expect Next
As the market continues to fluctuate, it’s essential to stay informed and up-to-date on the latest developments. With Bitcoin prices reaching new highs, it’s crucial to be aware of potential risks and opportunities.
**Key Takeaways:**
* Bitcoin prices have reached almost $80,000.
* Weekend price movements are often followed by a full retrace.
* Large-volume traders drive the market lower with "spoof" ask liquidity.
* A sub-$50,000 dip is predicted by Credible Crypto.
Conclusion
The cryptocurrency market is known for its volatility and unpredictability. While some analysts predict a continued upward trend, others believe that a significant correction is on the horizon. As always, it’s essential to conduct your own research and stay informed before making any investment decisions.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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