Originally published on: November 10, 2024
Bitcoin is causing a stir in the cryptocurrency world as its price nears the $80,000 mark over the weekend, dividing opinions among traders.
In just one hour, Bitcoin surged by almost $2,000, leading to speculation about its future price movement. With the market being driven higher by weekend bulls taking advantage of low liquidity, some are already skeptical about the sustainability of the rally.
Popular commentators like WhalePanda and Keith Allen are warning of potential pullbacks in the price of Bitcoin, emphasizing the volatile nature of the cryptocurrency market. With Bitcoin up nearly 15% for the week, many are closely watching the key resistance level of $80K.
Analyzing the order book activity, traders are observing the tactics used by large-volume traders to manipulate prices and create momentum in the market. There are concerns that a significant correction may be imminent, with some traders predicting a “major leg down” in Bitcoin’s price.
While these are just speculations and not investment advice, it’s crucial for traders to stay informed and conduct their own research before making any investment decisions. Stay tuned for more market insights and trading strategies to navigate the dynamic world of cryptocurrencies.
