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. In the midst of the Binance SEC Lawsuit, market reactions remain strong.
Popular analysts forecast 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, didn’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 influenced stock markets and 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 declined by 5% due to the U.S. SEC’s lawsuit against Binance. Options implied volatility (IV), however, 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 use the buying-the-dip returns technique.
According to renowned analyst Credible Crypto, the SEC’s lawsuit against Binance 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 will move toward new all-time highs.
Bitcoin will see a squeeze up and a bullish reverse. More downside, though, will benefit from 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 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.
$BTC
— The Wolf Of All Streets (@scottmelker) June 6, 2023
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
BTC’s price is now at $25,766 after recovering from a 24-hour low of $25,445. Traders will target the 200-WMA as they attempt to drive the price above the critical support level of $24,800.
The price of ETH has increased by 3% in the past 24 hours, and it is currently trading at $1,814. The 24-hour low is $1780, and the 24-hour high is $1874.