As Bitcoin is currently standing above $16,000, the market experts are taking it very bullish for the short term, but there are also chances of a potential downfall in the coming days.
On Nov.13, the world’s primary cryptocurrency has claimed $16,500 over many cryptocurrency exchanges. What’s more, the price value gets a stable position above $16,000 with the help of whales and big crypto investors.
Trading Volume is Rising
On all over trading platforms, there is a spike in trading volumes due to an inflow of investment on the part of potential investors. Denis Vinokourov, head of research at broker Bequant, believes the rising volume over exchanges is a very positive signal for the crypto markets. “Looking at the traded volume on retail-focused crypto venues shows there has been a significant pick up in interest among these market participants,” he added.
Besides a potential sell-off from whales, Bitcoin has maintained its position above $16,000. For instance, crypto analytics firm CryptoQuant has witnessed big transactions over exchanges from whales. What’s more, the cryptocurrency exchanges have also received stablecoins in large amounts which shows the demand for the world’s top cryptocurrency is increasing.
As the price is hovering above $16k, market analysts are very optimistic about price value in short term and mid-term. In its path towards $20,000, there are two resistance levels, standing at $16,300 and $18,750, which may block the price value in claiming all-time high value, claim analysts at IntoTheBlock. The support area has made its position at $15,750 which is acting as strong support as “860,000 addresses bought 465,000 BTC near that level.” As long as the price remains above $15,750, there remain chances of a bull run in the coming days.
On the other hand, there are also chances of a bearish pattern in the future. Some market experts believe people can make a profit after selling-off coins at around $16,000. But the current scenario predicts a strongly bullish picture as all technical indicators are in positive states.
As proposed by many crypto experts, the top digital asset will cross $20,000 by the end of 2020.