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.

tm/btc/915/22

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.


 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback

Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback

Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead. 

More Bitcoin News
GIGA investor loses $6M to phishing scam via fake Zoom link

GIGA investor loses $6M to phishing scam via fake Zoom link

On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.

More Cryptocurrencies News
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show

Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show

Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.

More Cryptocurrencies News
BNB: Bullish technical pattern validated, eyes all-time high

BNB: Bullish technical pattern validated, eyes all-time high

Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.

More Binance News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP