Bitcoin Price Alert: X Account’s Analysis Suggests Sub-$10K Drop – Here’s The Reasoning
15 Fevereiro 2024 - 1:00AM
NEWSBTC
Amid a significant Bitcoin price rally, reaching a new two-year
high of $52,000, a renowned social media account known as WhaleWire
has made a startling prediction. The account, widely followed for
its bold statements and news postings, has forecasted a staggering
99.99% chance of Bitcoin falling below $10,000, directly
challenging the prevailing bullish sentiment. Clash Over
Potential Bitcoin Price Crash In a recent post on X (formerly
Twitter), WhaleWire has voiced concerns about sustainability and
alleged manipulation through fraud and price manipulation. The
account accuses mainstream media and self-proclaimed Bitcoin
enthusiasts, often referred to as “moon boy scammers,” of
perpetuating an upward price narrative to allegedly serve their
interests. However, not everyone is convinced by WhaleWire’s
claims. In response to the account’s recent prediction, a user on
social media accused WhaleWire of being a liar, citing a previous
forecast from August 2022 when the account asserted that Bitcoin
would undoubtedly drop below $20,000. Ironically, Bitcoin did
experience a decline below that threshold a few weeks later,
lending some credibility to WhaleWire’s track record. Related
Reading: Breakout Confirmed: Shiba Inu Price Set For A Possible 73%
Surge WhaleWire continues to express skepticism and calls out the
so-called “Bitcoin maximalists” who exhibit excessive greed and
euphoria. The account suggests that recent price movements,
including Bitcoin briefly touching $50,000 amid concerns over
Tether’s money printing, are deliberate maneuvers to trap bullish
investors. WhaleWire claims that retail investors are now
heavily invested in Bitcoin, anticipating further gains, only to be
blindsided by a subsequent price rug-pull. Doubling down on its
conviction, WhaleWire has announced that it has increased its short
positions, surpassing its $69,000 short. He believes that the
ongoing rally will mark the top of what he refers to as the “echo
bubble run”, which he originally predicted when Bitcoin was valued
at $16,000. Bullish Optimism Builds As the Bitcoin price
continues its uptrend, a crypto analyst operating under the
pseudonym “Mags” has taken to social media to share an optimistic
outlook for Bitcoin. As per Mags’ analysis, Bitcoin is
currently trading above the critical 0.618 Fibonacci retracement
level on a weekly chart, a feat never achieved in previous cycles
before the halving event. Traditionally, the 0.618 level has proven
to be a formidable resistance zone, acting as a significant hurdle
on Bitcoin’s path to reaching its all-time high (ATH). Mags
believes that if Bitcoin successfully closes above the 0.618 level,
which is currently valued at $48,500, it could signify an
unprecedented bullish breakthrough. Adding further weight to the
bullish sentiment is the analysis provided by Ali Martinez.
Martinez highlights a noteworthy trend: the amount of Bitcoin held
in known cryptocurrency exchange wallets has plummeted to its
lowest level in six years, with a total of only 2.34 million BTC
remaining. This substantial decrease in Bitcoin holdings on
exchanges suggests a growing inclination among investors to move
their BTC into secure, long-term storage solutions. According
to Martinez, this shift away from exchanges implies a potential
shift towards a more “hodling-centric” approach, where investors
aim to hold their Bitcoin for extended periods rather than actively
trading it. Related Reading: Robinhood Cash Surge: Sees $4 Billion
Monthly Inflow From Users Amidst the divergence of opinions and
conflicting perspectives from both bullish and bearish investors,
the ultimate outcome remains uncertain. The Bitcoin price action,
as the largest cryptocurrency in the market, continues its notable
uptrend, challenging the bearish predictions put forth by WhaleWire
and others. As the debate rages on, time will reveal whether
WhaleWire’s forecast proves accurate or if the current bullish
momentum will persist, further solidifying Bitcoin’s position as a
dominant force in the cryptocurrency market. Currently, BTC is
trading at $51,600, up 5.4% in the last 24 hours and over 18% in
the last seven days. Featured image from Shutterstock, chart from
TradingView.com
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