Bitcoin has pulled back below $13,000 on Oct. 28, although technical analysts suggest that the cryptocurrency could soon see bullish behavior in the coming weeks ahead. BTC dropped yesterday from the yearly highs of $13,850 to a low of $12,900.
Order Book Trends Reveals Interesting Predictions for Bitcoin
Bitcoin showed a significant amount of volatility with its sudden upwards and downwards movement after the coin was almost about to touch the $14,000 mark.
Bitcoin analyst Cole Garner shared a BTC chart in his Twitter account along with an order book data from Bitfinex. The data highlights that the largest cryptocurrency by market capitalization is likely reaching an upward high.
However, it might soon see a reversal as was observed during August end and the start of September. The analyst views that a medium-term top will likely be anticipated despite the bullish expectations for some.
Hello Bitfinex whale.
— Cole Garner (@ColeGarnerBTC) October 28, 2020
The data put forwards that BTC has the potential to even reach towards $15,000, although soon followed by a correction price. The cryptocurrency’s recent weakness in the market only makes the assumption more valid.
Bitcoin to Remain Bullish in Coming Times
Bitcoin has been significant showing fragility over the past couple of days due to the correction in the S&P 500. The leading daily index is down by 3% yesterday, one of the greatest daily losses in many of its months. However, macro trends do suggest that Bitcoin continues to be bullish in the coming times.
For many of the technical analysts, however, a clear distinction might emerge between BTC’s short-term price valuation with long-term implications. One analyst even suggested that the Bitcoin’s weekly will close above the strong resistance of $12,000 while triggering an ATH.
Meanwhile, Bitcoin’s strong positive correlation in the crypto market is likely due to the positive acceptance of Bitcoin by institutional and corporate players. For instance, institutional entities are voraciously buying Bitcoin as its reserve asset to prevent itself from the risk of inflation. Meanwhile, retail players such as Paypal, Visa, Mastercard, and others are allowing easy access to Bitcoin and other cryptocurrencies.