Bears Fail to Crash BTC Last November, Will They Succeed this Time Around?

  • Twitter personality humiliated the BTC bears as they failed to crash BTC to $12K last November.
  • BTC looks in good shape. It may test the trendline which is around the $28K and $29K area. 
  • Buyers may need to consider entering the market at the trendline in the hope of a spike.

Satoshi Flipper, a futures trader, humiliated the Bitcoin bears who thought they had the upper hand in the market last November. Based on the perception that they controlled the market, the bears strongly believed that Bitcoin’s fall to $12,000 was imminent back then. However, it wasn’t to be.

Satoshi Flipper who was always optimistic about BTC reminisced about this failed attempt by bears and compared it to what the bears were fighting for at present. In particular, he stated, “Now I’m arguing with bears about 29K vs 30K and they STILL think they have some upper hand.” By looking at the price support levels of $12K and $30K that Flipper was arguing with the bears about, it could be seen that BTC has been appreciating. 

BTC/USDT 1-Year Chart (Source: CoinMarketCap)

Moreover, the above chart shows how BTC has been making higher highs and higher lows since November 2022. At press time, BTC is trading at $29,379 with an increase of 38.55%. Its trading volume for the past 24 hours also increased by more than 23% to $13,109,747,358.

BTC/ USDT 1-Day Chart (Source: TradingView)

Since the beginning of 2023, BTC has been making higher lows. With every higher low, there was a spike for BTC and thereafter it moved sideways with little vertical fluctuations. Currently, BTC is at the stage of consolidating. There is a possibility that BTC may crash. If BTC crashes we may see it reach the trend line for Support ($28K-$29K).

However, if BTC’s fall is supported at the trendline, there will be hope for BTC. Based on past observations, the trendline has acted like a launch pad for BTC. As such, this time too there could be a major spike for BTC.

Hence, the trendline could be a good entry point for those looking to go long. If BTC spikes, it has the potential to rise to $41.3K. However, on its way up there, it could be encountered with resistance at $31.6K and $38.3K. These two also seem to be good exit points for buyers who don’t want to take too much of risk. 

Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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