Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Crypto analyst Stockmoney has assured that Bitcoin’s rallyisn’t over despite the recent price crash to $112,000. The analyst explained how the cycle works, indicating that the crash is simply part of a broader move to the upside. Bitcoin Rally Not Yet Done Despite Crash To $112,000
In an X post, Stockmoney stated that Bitcoin is not yet done, even amid the mass liquidation events. He indicated that the mass liquidation events were all part of the plan and not something that should catch market participants unaware. The analyst went on to explain how the BTC cycleplaybook works. Related Reading Total Illiquid Bitcoin Has Reached 72% Of Supply, What Does This Mean For Price? 4 days ago
First, he stated that the Bitcoin price pumps while whales take profits. Then, the price further pumps on low volume, with retail investors wanting to secure their gains. This leads to too many positions with paper gains and open futures positions, which Stockmoney explained equals a lack of liquidity. He noted that this happens after low-volume uptrends. Source: Chart from Stockmoney on X
The analyst’s statement comes amid the Bitcoin price crash to around $112,000 this week from a high of around $117,000 last week. BTC had reached $117,000 last week following the Fed rate cut decision, with the U.S. central bank lowering interest rates by 25 basis points (bps). However, with the price crash, this has turned out to be a ‘sell the news’ event. Notably, the crypto market liquidationson September 22 marked the biggest liquidation event for long positions this year.
Stockmoney stated that liquidity must be freed before the Bitcoin price can go higher. He noted that the good side effect is that this is a profitable business model for market makers and that limits get filled as whales buy the dips. The analyst added that this cycle is a pattern that will keep recurring. Analyst Says “Buy The Dip”
In an X post, crypto analyst Ali Martinez urged market participants to buy the dip. This followed an earlier analysis in which he noted that Bitcoin had retraced to $112,000 as anticipated. He added that he was now watching for buying pressure to form the right shoulder before a breakout to $130,000, which will mark a new all-time high (ATH)for BTC. Related Reading Bitcoin Is Not Done Yet Despite Price Crash To $112,000, Here’s Why 7 hours ago
Crypto analyst Titan of Crypto notedthat Bitcoin is currently retesting the Kijun around $112,600. He added that this level will be crucial to monitor as it could determine the next move for the flagship crypto. Meanwhile, he also suggestedthat this could be the final shakeoff before a liftoff to a new ATH for the BTC price.
At the time of writing, the Bitcoin price is trading at around $112,600, down in the last 24 hours, according to datafrom CoinMarketCap. BTC trading at $112,849 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Pixabay, chart from Tradingview.com