Just a few days ago, Bitcoin was consolidating heavily below $27,000 and failing to rise above these crucial levels. While the targets set for the flagship crypto were initially at $26,600, then $27,600, and finally $28,800, which acted as major resistance for a while. However, as the huge players entered the crypto space, the investors became bullish on crypto and clinched $30,000 in no time.
The BTC price is currently trading just above $30,000, marking the intraday high of $30,800 just a few moments ago. Although the price is facing a minor bearish action, it may further resume rising. How did the BTC price manage to soar so high?
As per the CEO of CryptoQuant, Ki Young Ju, nearly $1 billion of TUSD was deposited into Binance, and presently the BTC/TUSD pair has the highest trading volume.
https://twitter.com/ki_young_ju/status/1671562875368873984
Therefore, the CEO speculates that the buying power originated from the veteran whales but was not based in the US, or else it may be Asian-based investors. So what’s next, Will Bitcoin continue to surge and mark highs above $32,000?
Considering the current price action, the BTC price is at the last stage of the Wyckoff method, which suggests a massive upswing could be on the horizon. If the price continues with the same plan, then it may hit $40,000 by the end of July 2023, as per a popular analyst, Moustache.
#Bitcoin and The Wyckoff Method.
Dear Ladies and Gentlemen:
The journey towards $36.000-$40.000 has begun.🔥
Cannot stress enough that I have shared this scenario since November/December 2022 (see next tweet).
Wonderful, how it continues to go according to plan.✅ pic.twitter.com/ftUnzYEmvZ
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) June 21, 2023
Collectively, the Bitcoin price appears to have gained mainstream attention as its dominance reaches 50% and is expected to continue to soar. According to one of the popular analysts, Benjamin Cowen, the dominance is expected to reach 60% and last until September, regardless of whether the price trades towards the north or south.
Was this writing helpful?
No Yes
Sahana Vibhute
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
