Convergence

Shift

Rally

Bitcoin

On Monday, the <a href="https://coingape.com/bitcoin-news-how-btc-will-benefit-from-end-of-us-saudi-petrodollar-deal/" rel="noopener noreferrer nofollow">BTC</a> experienced a slight decline of 0.28%, reflecting a lack of decisive movement from either buyers or sellers. Recently, the Bitcoin price fell below the $70,000 mark, leading to increased supply pressures on various altcoins, suggesting that the current consolidation phase may persist. Nonetheless, despite the tepid price movements, the purchasing activity of both whales and retail traders suggests that this may be the lull before a significant market rally.
Also Read: <a href="https://coingape.com/bitcoin-holders-with-964k-btc-will-btc-price-dip-to-67k/" rel="noopener noreferrer nofollow">Bitcoin Holders With 964K BTC Near Breakeven, Will BTC Price Dip To $67K?</a>
<h2 id="b-bitcoin-price-breakout-from-flag-pattern-hints-major-rally-b">Bitcoin Price Breakout From Flag Pattern Hints Major Rally</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/y/YQNJK6gC.png" alt="BITSTAMP:BTCUSD Chart " width="1946" height="893">
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 Bitcoin Price| Tradingview
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</figure>
On June 6th, the <a href="https://coingape.com/bitcoin-notes-2b-inflows-but-ethereum-steals-the-spotlight-heres-why/" rel="noopener noreferrer nofollow">Bitcoin</a> price reverted from the combined resistance of $71,750 and the upper trendline of the flag pattern. Since mid-March, this chart pattern has been leading a sideways trend within two parallel walking trendlines working as dynamic resistance and support.
<blockquote>
 The recent reversal plunged the BTC price by 3.65% to current trade at $69364, while the market cap recorded at $1.367 Trillion. With the overhead supply intact, the coin price could prolong the current consolidation trend and build sufficient momentum for a breakout.
</blockquote>
In a recent analysis shared by Axel Adler Jr., a significant observation was made regarding the fluctuations in Bitcoin demand among retail investors. According to this verified author from Cryptoquant, there has been a noticeable downturn in the average monthly change in demand for bitcoins from retail investors making investments under $10K. The demand has declined by -17%, marking a considerable shift in investor behavior.
<blockquote class="twitter-tweet">
 The average monthly change in demand for bitcoins from retail investors &lt;$10K has fallen to -17%.
 A similar previous drop to -18% ended with an increase from 40K to 70K. <a href="https://t.co/KKXoCddfxs" rel="noopener noreferrer nofollow">pic.twitter.com/KKXoCddfxs</a>
 — Axel <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f48e.png" alt="💎" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f64c.png" alt="🙌" class="wp-smiley" style="height: 1em; max-height: 1em;"> Adler Jr (@AxelAdlerJr) <a href="https://twitter.com/AxelAdlerJr/status/1800085933619913065?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 10, 2024</a>
</blockquote>
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Further elaborating on historical data, Adler Jr. points out that a comparable previous downturn of -18% ultimately resulted in an uplift in Bitcoin’s valuation, escalating from 40K to 70K.
Also Read: <a href="https://coingape.com/crypto-prices-today-june-10-btc-altcoins-regain-momentum-not-om-top-gainers/" rel="noopener noreferrer nofollow">Crypto Prices Today June 10: BTC &amp; Altcoins Regain Momentum, NOT &amp; OM Top Gainers</a>
Moreover, another analyst Maartun highlighted that the Bitcoin whales have significantly increased their long positions on platforms like HTX Global and Bybit. This trend is visually supported by a CryptoQuant chart showing a sharp rise in the “Bitcoin: Taker Buy Sell Ratio” on Bybit, which correlates with an increase in Bitcoin’s price. This activity suggests that major investors are optimistic about Bitcoin’s future value.
<blockquote class="twitter-tweet">
 Whales have opened massive <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> long positions not only on <a href="https://twitter.com/HTX_Global?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@HTX_Global</a> but also on <a href="https://twitter.com/Bybit_Official?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Bybit_Official</a><a href="https://t.co/5PT4rdvtOP" rel="noopener noreferrer nofollow">https://t.co/5PT4rdvtOP</a> <a href="https://t.co/VCVeKGdYuO" rel="noopener noreferrer nofollow">https://t.co/VCVeKGdYuO</a> <a href="https://t.co/VhRynyjkQa" rel="noopener noreferrer nofollow">pic.twitter.com/VhRynyjkQa</a>
 — Maartunn (@JA_Maartun) <a href="https://twitter.com/JA_Maartun/status/1799819294261534921?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 9, 2024</a>
</blockquote>
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This pattern where whales are accumulating actively while retailers are fleeing from the market often indicates a period of uncertainty which eventually leads to a major upswing.
Thus, a potential breakout from the flag pattern will signal the end of consolidation and extend the <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">BTC price prediction</a> target to $90000.
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2>
<ul>
 <li>EMAs: The BTC price trading above the daily <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">Exponential Moving Average</a> (20, 50, 100, and 200) indicates the path to least resistance is up.</li>
 <li>Moving Average Convergence Divergence: Multiple crossovers between the MACD (Blue) and signal (orange) lines indicate the neutral and uncertain market sentiment.</li>
</ul>
The post <a href="https://coingape.com/markets/bitcoin-price-eyes-90000-rally-as-retail-make-whales/" rel="noopener noreferrer nofollow">Is Bitcoin Price Headed for $90,000? Shift in Market Sentiment as Whales Circle</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Is Bitcoin Price Headed for $90,000? Shift in Market Sentiment as Whales Circle

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