Traders Expect A Bitcoin Re-accumulation At $15,000

Crypto traders expect a Bitcoin re-accumulation phase at $15,000 before the next bull run happens as the price of the benchmark crypto surpassed $16,000 with strong momentum remaining above the resistance-turned-support area. Why do they expect it? Let’s find out in our latest bitcoin news.

Traders expect a Bitcoin re-accumulation trend in the near-term. What it means is that investors are rebuying Bitcoin after a massive rally and allows the cryptocurrency to consolidate, rebuild momentum, and to neutralize the market. there are several reasons why it is expected in the near future. These factors are historical cycles, market greed, and high unrealized profits.

Technical analysts like John Bollinger said that consolidation in the market is becoming increasingly likely. Bitcoin exceeded the $16,000 resistance level for the first time in about three years. This means that the $16,000 to $17,000 range remains an attractive area for all sellers. Albeit the charts for BTC depict a stable upward movement, high time frame charts, and signs of a steep climb to the $16,000 level. Both the weekly and the monthly charts of BTC Are showing short-term moving averages like the 5-day, 10-day, and 20-day MAs. This could show that the cryptocurrency is overbought at high timeframes.

The trader is known as “Crypto Capo” said that the re-accumulation between $14,500 and the $16,000 is likely:

 “I expect reaccumulation range between 14500-16000.”

According to Altertnative’s Crypto Fear and Greed Index, the BTC market shows signs of “extreme greed.” Out of a 100, with zero showing fear and 100 showing greed, the market is now at 89. Based on similar metrics and the historical technical structures of BTC, traders expect strong volatility between $14,000 and $16,000. Also, the on-chain data shows that traders are generally sitting on huge unrealized profits. The term refers to the gains of traders that are yet to sell. When traders start to sell large profits that were unrealized, it could cause a profit-taking pullback to happen. BTC could start to consolidate which could lead to a reaccumulation phase. One variable that could stop this from happening is the decline in exchange reserves.

Traders usually deposit BTC into exchanges when they plan to sell their holdings.
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When reserves decline, it shows the intent to sell BTC from traders and vice versa. Vetle Lunde, analyst from Arcane Research said:

 “The BTC deposits at major exchanges has fallen by more than 560,000 BTC (19%) since March 15th. The aggregated exchange balance has just fallen below 2.4 million BTC for the first time since August 2018.”