Bitcoin Analyst Set Sight On $79,591: Urges Traders To Be Patient

Name	Symbol	Market	Market Cap ($)	Algorithm
Quant	QNTUSD	Crypto	1,449,181,713	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Quant

QNTUSD

Crypto

1,449,181,713

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-3.84	-3.72%	99.31	99.19	99.43

Price Change

Price Change %

Current Price

Bid Price

Offer

-3.84

-3.72%

99.31

99.19

99.43

High Price	Low Price	Open Price	Prev. Close	52 Week Range
104.68	96.37	102.94	103.15	83.10 - 153.83

High Price

Low Price

Open Price

Prev. Close

52 Week Range

104.68

96.37

102.94

103.15

83.10 - 153.83

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	15:34:04	0.935000	99.31	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

15:34:04

0.935000

99.31

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,705,528.90	16,824.74	QNT	QNTEUR	QNTGBP	QNTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,705,528.90

16,824.74

Bitcoin Analyst Set Sight On $79,591: Urges Traders To Be Patient

16/04/2024 7:00pm

NEWSBTC

While Bitcoin prices hover around 15% below their all-time highs, with some skeptics predicting more losses, one analyst on X expects the coin to bounce strongly, even breaking above all-time highs. Taking to X, the trader argues that Bitcoin has yet to breach the Golden Ratio Multiplier’s Cycle Top, currently sitting at $79,591. Supposedly, the analyst continues, this target price increases the longer it remains unchallenged. Bitcoin Traders Need To Be Patient So far, BTC is trending lower and is technically within a bear breakout formation following sharp losses on April 13. As the coin struggles for gains and is boxed inside the bear bar, the odds of further upswings like those registered in Q1 2024 remain muted. Related Reading: Elon Musk Latest Tweet: How Much Did Dogecoin Gain From It Today? However, even as BTC bulls are muted, the analyst emphasizes the prices are “respecting data points” despite prices dumping lower and taking longer to break higher. Most traders expect prices to rise higher following March 2024’s impressive surge. However, the analyst believes traders need to have patience. Looking at how BTCUSDT prices are unfolding, it is clear that momentum is fading, and participation is low. CoinMarketCap data shows that trading volume on the last day is flat, at $46 billion. Overall, trading volume–a measure of engagement and trader interest– has dropped since mid-March, when the coin soared to all-time highs of approximately $74,000. Whales Are Keeping Off From The Market Parallel data from IntoTheBlock reveals that addresses holding at least 0.1% have also been slowing down in their accumulation, making the drop even more severe. According to a CoinDesk report, when BTC fell on March 19, prices bounced strongly on March 20 following aggressive buying pressure whales. IntoTheBlock data showed they bought 80,000 BTC, forcing prices back to over $71,000. Related Reading: Ethereum Fire Sale? Deep-Pocketed Investor Snags Nearly 24,000 ETH At Bargain Price Technically, by tracking whale movements, traders and investors can gauge overall market sentiment and their confidence for gains. This, in turn, could impact the sustainability of trends. Their heavy involvement could precede sharp price gains, lifting the broader crypto markets. The fact that whales appear to be keeping off could suggest that they expect prices to drop even more. Moreover, other factors, such as the pace of inflows into spot Bitcoin exchange-traded funds (ETFs), point to a bleak future. CryptoQuant data shows that inflows have been stagnant in the past trading week. At the same time, IBIT, the spot BTC ETF offered by BlackRock, has been the only product out of the eight registering inflows. Feature image from DALLE, chart from TradingView

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