Whales Are Buying The Dip Amid The SEC’s Crackdown On Binance; An Analyst Predicts That Bitcoin Will Reach Its All-Time High in 2023.
Popular analysts forecast that Bitcoin will experience a bullish reversal and reach an all-time high in 2023 as whales buy the dip.
The lawsuit filed by the US Securities and Exchange Commission (SEC) against the world’s largest cryptocurrency exchange Binance and its CEO Changpeng “CZ” Zhao doesn’t end up with the expected massive liquidations or outflow. While Ethereum’s price continues to be above $1800, Bitcoin’s price has only fallen to $25800 from $26800.
Read more: Binance Lawsuit: The SEC Now Considers 61 Cryptocurrencies To Be Securities
The SEC had an influence on stock markets as well as the cryptocurrency and bitcoin mining industries, as Coinbase, MicroStrategy, Robinhood Markets, and banking stocks all suffered losses.
Whales Are Buying The Dip Towards All-Time High Of Bitcoin
BTC and ETH both declined by 5% as a result of the U.S. SEC’s lawsuit against Binance. Options implied volatility (IV), on the other hand, did not considerably rise and even decreased. In the past few days, whales have been using billions of dollars in options to short both price and volatility.
Like in the bull market earlier this year and during the bank credit crises, whales are using the buying-the-dip returns technique.
The SEC’s lawsuit against Binance, according to renowned analyst Credible Crypto, helped the price of Bitcoin reach its initial target. According to his forecast, the price of bitcoin will only decrease during forced liquidations, but if it regains $27.5k, we are going to move toward new all-time highs.
A squeeze up and a bullish reverse will be seen in Bitcoin. More downside, though, will be a benefit for buying the dip. As soon as he reached his goal lows at $25.8k, he began buying spot BTC. The possibility of Bitcoin’s downside has been capped at $20,000, and it won’t fall any lower. Whales will look to purchase at $25,000. Some have already begun to do so because the price didn’t fall below $25,000.
Binance 4-hour chart.
Decent volume spike on the sell off today, but not even the largest selling we have said over the past month and a half.
April 26th and May 10th had more volume.
All things considered, not much #Bitcoin sold today on Binance. pic.twitter.com/wJpfHWfECX
— The Wolf Of All Streets (@scottmelker) June 6, 2023
After recovering from a 24-hour low of $25,445, the price of BTC is now at $25,766. The 200-WMA will be a target for traders as they attempt to drive BTC price above the critical support level of $24,800.
In the past 24 hours, the price of ETH has increased by 3%, and it is presently trading at $1,814. $1780 is the 24-hour low, and $1874 is the 24-hour high.