Bitcoin whale groupings (BTC) show that the $ 23,409 level has become an area of focus for large traders. This indicates that the ongoing bull run is driven by whales that continue to accumulate more than $ 23,000.
Whale clusters form when whales buy Bitcoin and do not move their BTC holdings from the purchase price. Clusters are useful for determining Bitcoin support levels, especially when the market moves quickly.
“Must not be less than $ 23,409”
According to analysts at Whalemap, a data analysis company that tracks whale activity in Bitcoin, BTC has formed a strong floor in the range of $ 23,000 to $ 23,500. They said:
“Surprisingly, large amounts of losses were flowing through the chain at prices of 19,000. When this happens in bullish conditions, BTC gives us good bulls (10k -> 20k the last time). We have several strong supports at recent prices too … It shouldn’t be less than $ 23,409. “
It is important for Bitcoin to establish solid support areas during a bull run due to the risk of sudden corrections. If whale clusters are present at high price levels, such as $ 23,409, then whales are likely to bid slightly higher and maintain Bitcoin’s momentum.
Peter Brandt, a longtime trader, has identified the Bitcoin parabolic line dating back to October as a key area to watch.
The line indicates $ 24,000 as the critical support area, which would mean that the BTC needs to stay above it to avoid a big drop. Brandt I wrote:
“Bitcoin $ BTC has been advancing in a parabolic movement since the September 20 low. I hope that this curve will be violated at some point, but not to produce an 80% decline. The green curve is a major parabolic advance from the lows of December 2018 and March 2020. This is the engine of the bull market. “
In the short term, whale groups and the parabolic trend line show that $ 23,409 and $ 24,000 are the two key levels that Bitcoin should maintain.
Below $ 24,000, the chances of accelerated remediation increase, which could worsen if areas supporting whale pools are breached.
Where would BTC reach the top?
Traders generally believe that Bitcoin can rise to two levels: $ 30,000 and $ 36,000. The latter became a popular short-term forecast because the options market indicates a high probability that $ 36,000 will be reached in the coming months. Of course, the first is a fundamental psychological level.
A trader pseudonym known as “General Byzantine” said he predicts that Bitcoin will reach $ 30,000. He explained that $ 30,000 is the “gold ratio extension” level and also has sales orders on Coinbase and Bitfinex. He said:
“I think this rally ends in mid-term at around 30k. It is the extension of the golden ratio. It also happened to be where CB & Finex got fat questions out there. “
On December 27, Cointelegraph reported that Bitcoin immediately saw great volatility, losing 6.5% in an interval of a few hours after the price reached $ 28,200 on major exchanges. Given that areas of resistance with a large scan of sales orders face major setbacks, the $ 30,000 area may represent a major short-term obstacle for Bitcoin.