Is Now the Best Time to Buy Bitcoin? Predicted Bottom Price at $96K Revealed!
Dormant Whale's Play: How a Key Indicator Signalled Buying Opportunity at $97K for Bitcoin
Key Points
- TD Sequential signaled a buy for Bitcoin, predicting a potential market bottom and reversal.
- A dormant whale wallet withdrew 350 BTC from FalconX, indicating potential upward momentum.
The TD Sequential indicator, known for its accurate prediction of Bitcoin’s peak on January 21st, 2025, recently issued a buy signal. This occurred on the daily timeframe when Bitcoin was trading around $96,214.
The buy signal suggests a possible market bottom, presenting a potential investment opportunity. The signal following a decline implies the selling pressure might be reducing and a reversal could be on the horizon.
Bitcoin’s Potential Market Movement
However, if the buy signal doesn’t stimulate sustained buying pressure, Bitcoin could test lower support levels, possibly around the recent lows of $94,400. This scenario aligns with TD Sequential’s pattern of identifying crucial points. Instead of a rally, it could trigger further declines.
Investors should therefore remain cautious, considering both the potential of a rebound towards higher levels, such as $100,000, and a continued downtrend if the signal doesn’t lead to tangible buying momentum.
In a separate development, a dormant whale wallet withdrew 350 BTC, valued at $33.97 million, from FalconX at $97,053 per BTC. This substantial purchase by a major player could signal potential upward momentum. However, if the market sentiment doesn’t align with the whale’s buying strategy, it could potentially push prices down if others decide to cash out.
Liquidity and On-Chain Risk Indicator
Bitcoin is poised to test higher levels, especially around $98K, following a sweep of liquidity below $95K. Overcoming such zones can spark further buying interest, potentially pushing prices upwards. Conversely, if Bitcoin fails to breach the $98K liquidity zone, it might indicate insufficient buying pressure, possibly leading to another retracement.
Lastly, the Total On-Chain Risk indicator suggested that Bitcoin’s peak might not have been reached yet. The metric currently shows levels that are not typical of a market top, implying a potential for a further rally. However, if the risk indicator begins to show values associated with previous market tops, it could signal that the current rally might be nearing its end. This situation would necessitate close monitoring of any shifts in on-chain activity that could precede a price correction.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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