Bitcoin Price Prediction: The largest influx of volume since Bitcoin's inception
- Bitcoin price fell through the $20,000 barrier after an impressive 24% rally last week.
- Binance Exchange shows the highest historical volume reading to date.
- Invalidation of the uptrend remains a breach below the June 18 swing low at $17,622.
Bitcoin price recent plummet is wiping out day traders' ambition for another rally. Still, the Volume Profile indicator suggests a big move is coming.
Bitcoin price is playing for keeps
Bitcoin price is under pressure as the bears breached the $20,000 barrier on September 15. The breach comes after the release of the US CPI data report, which abruptly halted a 24% bull run for Bitcoin.
Bitcoin price currently auctions at $19,800 as early bulls have been jumping near the $19,500 level. A close within this level could spell bad news as the price action would be submerged within a previous consolidation range. Under Wycoff's theory, this would be a concerning signal for the bulls hoping for a continuation of the 25% rally.
BTC USDT
The next move for Bitcoin price is likely to be a shocker. Binance Exchange has recently reported the most volume transactions occurred since Bitcoin's inception. The current volume pattern persistently shows larger upticks than the 2020 10x rally.
Combining these factors, Bitcoin could experience continuous smart money fakeouts like current price action, but may still be worth a speculative gamble. Invalidation of the uptrend remains a breach below the June 18 swing low at $17,622. Early evidence to suggest bears are truly in control would be a daily settle below the previous congestive zone at $19,480.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
