BTC Market Outlook: CryptoQuant Predicts Short-Term Consolidation or Dip to $70K

BTC Market Outlook: Bitcoin Eyes $100K Milestone but Faces Possible Pullback to $70K

On its path to six figures, Bitcoin is vulnerable to short-term issues, such as a fall to nearly $70,000. Onchain analytics platform CryptoQuant stated that there might be some healthy cooling in the price movement of Bitcoin in one of its Quicktake market updates on November 16. Even as week-to-date gains get closer to 13% entering the weekly close, Bitcoin is still hovering around $90,000.

BaroVirtual, a contributor to CryptoQuant, joined those who believe that a new consolidation phase may be imminent for the BTC/USD pair, setting the possible downside target at a little over $70,000. It contends that two moving average (MA) trend lines that are currently separated by about 20% are the cause.

The position of the price chasers (7d and 30d MAs) indicates that we are seeing intense, healthy buying pressure on Bitcoin, which is a very positive signal. The issue is that the gap between the fast and slow chasers is 19%, and this, in turn, leads to 2 possible scenarios:1) Bitcoin takes a sideways position in the $87,000-$93,000 range for some time and then continues its upward movement to the $104,000-$120,000 range. We observed something similar from February to March 2024.2) Bitcoin corrects downwards to the $71,000-$77,000 range, and there is an intermediate healthy cooling of the market, and then the local upward trend resumes.

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Bitcoin Whales Accumulate Aggressively, Fueling Hopes for $100K Milestone

The idea that the bull market will stall before hitting $100,000 is not a new one. According to bearish opinions, the price of BTC/USD may fall to $50,000 or less, while others anticipate a long-awaited testing of levels of support that have lately been gained. Whales of all classes are hitting new all-time highs, indicating that investor confidence is still high at the moment, according to CryptoQuant data.

It’s interesting to note the balance of new whales, which has increased rapidly and could also indicate that more whales have been created recently. Even with BTC around 90k, they haven’t stopped accumulating, and most are holding, which is a sign of confidence in the market.

fellow contributor Darkfost

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