Bitcoin's price has dropped recently, triggering liquidations across the crypto market.
Analysts remain divided on the future, with Roman saying that Bitcoin is consolidating for a major breakout above $90,000.
CryptoQuant's Ki Young Ju says a drop in whale transactions shows that investors are taking a "risk off" approach.
10x Research's Markus Thielen says that Bitcoin's "double top" pattern indicates a possible fall to $50,000 or even lower.
Investors should consider these viewpoints before making any trades or investments.
Bitcoin declined by more than 3% in the 24 hours before press time and by more than 5% in the last week.
According to data from Coinglass, Bitcoin alone has triggered around $50 million in 24-hour liquidations, with a $165 million liquidation score overall.
The total crypto liquidations
However, amid the short-term bearishness and the long-term choppiness, here are some of the best Bitcoin takes on the internet today to help anyone understand what might be happening. It will also be important to know when the tides will change in favor of the bulls.
Without wasting further time, let’s jump in.
According to new insights from crypto trader and investor Roman on Twitter, Bitcoin is on the verge of a major move to the upside, as we will soon see.
According to the analyst, despite Bitcoin’s sluggish price action over most of the three months after the halving, Bitcoin is behaving very similar to what we would see in a bull market consolidation phase.
Roman says that while many investors call for lower Bitcoin prices, the cryptocurrency appears to form a "third bullish divergence" between its price and the RSI.
But what does this mean?
Bitcoin is about to send
According to the analyst, the RSI and the Bollinger bands on the weekly chart indicate that a tighter squeeze is coming and that this alignment of indicators creates enough volatility for Bitcoin to "send without returning."
In sum, the analyst believes that we are forming a "bullish continuation" pattern and that once "volatility is built," we can finally see the cryptocurrency enter a full "send" to $90k+.
How low will Bitcoin fall before enough volatility gets built?
The other analyst takes might have some ideas.
Bitcoin's price drop below the $63,000 zone has also been markedly correlated with a drop in large transactions by the whales.
According to data from Santiment, Bitcoin whale transactions over $100,000 have dropped markedly and have even decreased by more than 40% from last week.
The drip in whale activity
Over the weekend, the number of whale transactions dropped below 10,000 despite being around 17,000 on Thursday last week.
During this time, Bitcoin's price declined further down from the $64,500 zone and is now struggling with a possible drop below $63,000.
CryptoQuant CEO Ki Young Ju echoed this sentiment in a 22 June tweet describing the whale traders on derivatives exchanges as being in a " risk-off" mode.
The IFP turned red
The analyst says, "The inter-exchange flow pulse (IFP) has turned red," indicating that Bitcoin's movements between spot and derivative exchanges have turned bearish due to the behavior of these whales.
According to 10X Research founder Markus Thielen in a recent tweet, now might be the time to be cautious about Bitcoin and the crypto market in general.
While Roman's earlier predictions are expected to hold true sooner or later, there was no mention of a possible bottom for the cryptocurrency between now and then.
Thielen believes that Bitcoin has formed a double-top price pattern and could be about to enter a bearish trend ahead of the Federal Reserve's interest rate decisions and the incoming US elections.
Bitcoin’s possible double top
Thielen says that after Bitcoin nearly hit $70,000 earlier this month, the cryptocurrency formed the second half of the double top formation, leading to the ongoing retreat to $62,000.
This decline from $70,000 to around $62,000 has been further driven by the faster selling rates from the miners, profit-taking from investors, and spot Bitcoin ETF outflows.
“This formation could easily see a drop to $50,000—if not $45,000.”, the analyst says.
To this end, investors might want to keep these factors in mind and never jump blindly into trades again.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.