The resurgence of Bitcoin (BTC) above the $ 18,000 level restores confidence that investors are keen to buy in the event of Satoshi Nakamoto's depreciation of assets.
Most likely BTC will fall again, suggesting a low level decline of $ 17,650 based on these three factors:
BTC (Whales) Big Owner Deposit Reaches Its Peak
Earlier this week the All Exchanges Inflow Mean indicator reached its highest level.
Usually whales carry risks to Bitcoin’s short-term performance because they are free to place huge selling pressure in the short term.
The rate of whales that slightly sell the asset will lead to a spike in BTC.
CryptoQuant CEO Ki Young Ju explained that BTC has the potential to fall to a lower level and currently the purchase of the asset will bring in lucrative profits. Ki also suggested that the BTC price may reach $ 20K by the end of this year or early 2021.
Bitcoin Prices Soar Fast
BTC purchases are seen rising, bringing the Bitcoin price soaring to the 20-day Moving Average (MA).
Initially, BTC was at $ 18,000 as a support level before advancing to $ 18,2600 and there was a pullback to the $ 18,500 range. BTC continues to strengthen without major correction indicating the market is still bullish and bullish.
Increased BTC Trading Range
Analysts at Santiment explain the amount of Bitcoin rising after the recent withdrawal. When Bitcoin recovers with a significant increase in volume it shows a growth of confidence among investors in the near future.
