Bitcoin sharks scoop up BTC like it's 2013 despite 'perfect bull trap'

3 hours ago

Several chartists pass that Bitcoin could diminution toward $30,000 successful February arsenic the terms enactment mirrors erstwhile four-year cycles.

Bitcoin’s (BTC) 30% drawdown from all-time highs did small to deter ample investors, who continued to summation their holdings passim January.

Key takeaways:

Large holders are buying the dip, signaling semipermanent confidence.
Chartists pass that a bull trap could inactive thrust BTC sharply lower.

Bitcoin sharks are buying the dips

As of Wednesday, alleged “sharks,” which correspond entities holding 100-1,000 BTC, were accumulating Bitcoin astatine their fastest gait since 2013, information from Glassnode showed.

These entities, which typically see aboriginal adopters and organization trading desks, accumulated Bitcoin contempt the latest correction to astir $87,900 from astir $98,000.

As a result, the accumulation suggested that ample investors presumption the ongoing BTC pullback arsenic a buying opportunity, signaling assurance successful its longer-term bullish outlook.

Historically, akin spikes successful shark accumulation preceded beardown rallies, including a astir 160% terms summation wrong a twelvemonth and the mid-2024 determination that saw BTC ascent from astir $54,000 to implicit $116,000.

BTC volition clang to $35,000 successful February, expert warns

Chartists tracking Bitcoin’s four-year cycle warned that the multi-month slump volition proceed successful the coming weeks.

For instance, expert Lofty said BTC terms tin dump to $35,000 successful February, citing a “perfect bull trap” aft Bitcoin failed to clasp supra its rising channel’s precocious boundary, arsenic shown below.

He compared the operation to Bitcoin’s 2021 treble top, wherever successive breakout attempts trapped precocious buyers earlier a sharp, multi-month sell-off followed.

However, respective apical crypto companies argued against specified bearish scenarios, noting that Bitcoin’s four-year rhythm is dead. That included Grayscale Investments, which expected BTC’s terms to scope a caller grounds high successful the archetypal fractional of 2026 owed to organization adoption.

Bitwise besides predicted 2026 to beryllium an “up year” for Bitcoin.

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