- The enormous sale of Bitcoin could purchase if major players choose to borrow against it.
- Peter Brandt warned that the double top pattern of BTC could activate a dump of 75% to $ 27k.
The current win over $ 100k can reduce if Bitcoin [BTC] Klimt higher. According to Bitwise CEO Hunter HorsleyHolders will borrow against their BTC stock instead of selling when it sticks to $ 150k.
“I think that as soon as Bitcoin breaks through, for example $ 130-150k, nobody starts selling their bitcoin. And from that moment on, when people need liquidity, they will borrow from an ever-growing set of lenders.”
In fact, one of the largest wire houses, JPMorgan Chase, started using Crypto ETFs as collateralFurthermore cementing of Horsley’s claim.
If the trend picks up, BTC could shoot even higher, Horsley adds.
“All this will continue the price. There will simply not be enough bitcoin.”
Bitcoin – What is the next time in the short term
That said, Bitcoin has reversed recent losses and briefly tested $ 110k earlier in the week. At the time of the press, the assets exchanged hands at $ 109.5k.
But Glassnode stated that sales pressure of long -term holders (LTH) was a point of $ 930 million a day, but was relatively modest compared to previous local peaks.
In his weekly reportemphasized the on-chain analysis company,
“This figure competes with the $ 840 million/day realized during the ATH of $ 73k, but remains well below the peak of $ 1.64 billion/day during the initial outbreak above $ 100k.”
Source: Glassnode
Given this modest offloading from LTT, Glassnode stated that the current price levels can activate far from a ‘wider scale distribution’.
About the most important prices to follow, Glassnode marked $ 115.4k and $ 97.6K as a short -term resistance and support levels, based on the cost -based cost -based model in the short term (STH).
“The cost basis of $ 97.6K STH continues to serve as a crucial level of support that is needed to maintain the local bullish momentum. On the advantage, the $ 115.4k zone comes to the fore if the first important resistance would introduce the price discussion.”
Source: Glassnode
For Perspectief, the STH was realized price of $ 97.6k that the most recent buyers acquired BTC around this level.
As such, a price dip underneath can cause a panic sale by this cohort. Such a scenario could decrease the current bullish set-up.
That said, Peter Brandt made a contrary projectionWhat suggests that the current price promotion reflected a double upper pattern from 2021, which led to a decrease of 75%. In such a hypothetical scenario, BTC would fall from $ 109k to $ 27k.
Source: Peter Brandt/X
But such a massive landfill may be far-fetched, given that BTC dipper has been relaxed in the past around the 200-weekly advancing average (currently at $ 48k).