The Bitcoin (BTC) price has been on a rollercoaster ride in recent times, and the latest weekend surge has left many investors and analysts scratching their heads. As the BTC/USD price touches nearly $80,000, opinions are divided on whether this is a sign of a strong uptrend or a bear trap.
Data from Cointelegraph Markets Pro and TradingView Shows Bitcoin’s Weekend Surge
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin has gained almost $2,000 in a single hourly candle on November 10. This is not an isolated incident, as weekend price trends have shown that bulls tend to take advantage of thin liquidity to drive the market higher.
However, with BTC/USD up nearly 3% on a Sunday, some are already skeptical about the sustainability of this trend. "Weekend moves in low liquidity almost always full retrace btw," popular commentator WhalePanda tweeted to his followers on X.
Need for Pullbacks During BTC Price Uptrends
Keith Allen, co-founder of trading resource Material Indicators, echoed a similar sentiment in his latest post on X. "Of course, weekends are for whale games, and we are in Price Discovery, so at this point, I’m more focused on Weekly and Monthly closes for Bitcoin," he said.
This is not the first time Allen has highlighted the need for pullbacks during BTC price uptrends. In fact, he has been warning about the importance of taking profits during strong rallies to avoid getting caught off guard in case of a market downturn.
Analyzing Order Book Activity: The Methodology Behind Large-Volume Traders
Meanwhile, popular trader Skew explained the likely methodology of the large-volume traders behind current price action. According to Skew, these entities drive the market lower with "spoof" ask liquidity, only to have bids filled at an artificial local low later on as a result.
"The final part is they twap a % into price to create price momentum – this causes algos to bid as well," Skew summarized, highlighting the process that can repeat and lead to further market volatility.
BTC/USDT 1-Minute Chart: Target Price of $80K?
As Skew pointed out, the target price of $80K does seem to be a viable possibility. In fact, many traders are already positioning themselves for a strong rally in the coming weeks and months.
However, not everyone is convinced that this is a sustainable trend. Popular trader and analyst Credible Crypto has been warning about an imminent market U-turn, with a target of under $50,000.
Trader Sees Sub-$50,000 BTC Price Dip Risk
Credible Crypto’s forecast is based on his analysis of the current market trends and sentiment. According to him, the market is due for a significant correction, which could result in a "major leg down."
"While I’m not saying that $50,000 is an impossibility, I do think we are likely approaching our top on most alts (and therefore BTC as well) sooner than expected," Credible Crypto stated.
Conclusion
The Bitcoin price surge has left many investors and analysts with mixed reactions. While some see this as a sign of strength, others are skeptical about the sustainability of this trend. As the market continues to be driven by large-volume traders, it’s essential for investors to remain vigilant and adapt their strategies accordingly.
Remember that every investment and trading move involves risk, and readers should conduct their own research when making a decision. The article does not contain investment advice or recommendations, but rather aims to provide critical insights to help spot investment opportunities, mitigate risks, and refine your trading strategies.
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