Bitcoin (BTC) is giving bullish signals as it is returning from a recently seen intense sale. BTC’s response to this decline proves that this is a solid bull market. Because every selling pressure was met with a serious buyer-side pressure that slowed the decline and helped the price rise further.
Where the market trends take place in the medium term will depend largely on whether the bulls can continue to protect the coin from seeing any sustained downward trend. If the bulls hold $ 15,000 and build a strong support at this level, BTC could see significantly more gains in the medium term. These gains could push the leading cryptocurrency to all-time highs.
As BTC has marginally shifted from 2017 highs and hasn’t released any “boom peaks” yet, there is a strong chance for the bulls to target this level. If the price breaks up, it could send Bitcoin to a full-blown price discovery phase that allows it to climb higher, according to analysts. A master analyst reveals the current strategies of whales. The analyst noted that while individual investors now remain neutral in BTC, whales are largely tall. According to the analyst, this is an indication that more bullishness is imminent.
Byzantine General: Whales are driving too long again! Bitcoin will go higher
Recently, the bears triggered a sharp downward movement that caused Bitcoin to plunge to lows of $ 14,400. These lows were met with enormous buying pressure that allowed Bitcoin to quickly surpass $ 15,000. From this point on, the price of BTC soared and now the leading coin is aiming to test its resistance at $ 16,000. If BTC closes the current price today at $ 16,000, or above $ 16,000, this could be an incredibly positive sign for the next step.
According to analysts, after the recovery that started at $ 14,400, individual investors remain wary of Bitcoin’s power, while “whales” open a long position. Veteran analyst Byzantine General spoke about this trend in a recent tweet and concluded that this is an indication that more growth is imminent in the short term. The popular analyst adds to his comments on the issue:
WE ARE HERE… BUT THE WALES RIDE ON LONG AGAIN AND INDIVIDUAL INVESTORS STAY CAREFULLY. THEREFORE I THINK IT IS CONTINUING.