There has been certain assessment about the future of Bitcoin after the price dropped suddenly after a Bull period on Sunday. The drop in price came after Bitcoin hit the $100,000 mark on Binance but swiftly dropped near the $11,300 mark. The period also caused a massive $1 billion worth of liquidations in Bitcoin as well as Ethereum.
After the sudden drop, crypto traders are wary about the situation, and cautiously looking at the Bullish and Bearish period before investing.
What traders are saying about Bitcoin future
A trader named as Redxb highlighted that there was approximately $77 million worth of bids on BitMEX after the drop. It suggested that the buyers are protecting the $10,500 mark.
“Bull market tings — 77 million in bids hugging price. Perhaps they’re preparing for a very rare event, March 12th tier, to get some fills?”
Cryptocurrency trader Scott Melker said that a hidden bullish period is building up.
“It was building bear divs on multiple time frames, a retrace was inevitable. Now there’s potential hidden bullish divergence brewing, not yet confirmed. Price dropped with $15 of the previous major swing high, which was the line that signified a bullish break in structure,” he explained.
Bitcoin trader Zoran Kole, who remains bullish, offered a bearish scenario said, “As far as invalidation, I think ~10.5 is the weekly level to hold for continuation. Otherwise this distribution schematic becomes rather compelling. Remember, trading is a binary decision tree. Changes in bias should occur near potential inflection points.”
There have also been plenty of alternative views on Bitcoin market, one of which suggested by Rookie said:
“I’m drastically reducing my exposure to low – med cap alt plays. The move is, and always has been to have as much $BTC and $ETH exposure for now. I don’t want to have money trapped in some low liquidity shit coin when / if things start going parabolic.”