30s Summary

Bitcoin (BTC) surged towards $80,000 over the weekend, increasing around $2,000 in one hour on November 10. However, some caution that this could be a temporary high, warning of a potential future drop. Notably, major trades by large shareholders, “whale games”, tend to occur over weekends. Some traders manipulate the market by faking low price offers, encouraging others to bid at reduced prices. While some believe Bitcoin could break $80K, an analyst warns it could fall below $50,000 due to a potential peak and subsequent drop in digital currencies.

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Over the weekend, the price of Bitcoin (BTC) shot towards $80,000, causing a flurry of reactions. Data showed the most popular cryptocurrency even gained around $2,000 in an hour on November 10. The big boosters seem to be cashing in on the recent trend of weekend price gains.

But with Bitcoin value going up by nearly 3% on Sunday, not everyone is cheering. Some are calling it just a temporary high and expecting a steep fall later on. A well-known crypto commentator even advised his followers to get ready for a possible fall.

Similarly, Keith Allen, a co-founder of a trading resource, warned against taking current profits for granted. They recommended being prepared for some price adjustments. According to them, ‘whale games’ or major trades by large shareholders mostly happen over the weekend.

So far, Bitcoin has gone up by nearly 15% this week. Many speculate that if the currency can move beyond $71,500, it could spark a rapid growth phase.

Trader Skew shared an interesting insight on the trading strategies of big players now ruling the game. According to him, these players fake low price offers, drawing others into bidding at artificially low rates. They then buy at this artificially lowered price and repeat their strategy, fueling a price momentum that prompts algorithms to bid above.

Will Bitcoin break $80K? Skew believes it’s possible but asserts passive bids need to rise soon to support the increasing buying momentum.

On the other hand, a popular analyst Credible Crypto sees a downward correction looming, with Bitcoin possibly falling under $50,000. They feel most digital currencies, including Bitcoin, could be peaking sooner than predicted, leading to a big drop.

Do note this isn’t investment advice, so do your own research and calculate your risks before making any trading move.