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🐳 made a major leap in the early Monday hours, and crept up above $66k briefly as most lagged behind. Large whale addresses holding 10k to 100k have accumulated 43k more and increased their bags +2.1% in just the last 5 days. — Santiment (@santimentfeed)In that sense, pseudonym analyst CryptoBirb presented a potential scenario for the price of Bitcoin after it broke out to its current levels. This analyst believes BTC could retest the low of $60,000 before the bulls have enough ammunition to propel the cryptocurrency to $80,000.
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$BTC about to pull off new ATH and noobs trying to fade the breakout will only feed this monster enough to fly past $80,000 (…) retest is optional, if I were you, I would not base my entire strategy on it.
Bitcoin Price Validated At $60,000?
In support of the bullish thesis, analyst Willy Woo presented the Bitcoin Supply Profile indicator. According to Woo, this metric shows the BTC market dynamic and how coins have exchanged hands in 2021 suggesting that investors have accepted the $50,000 to $60,000 levels as major support zones. Woo :Contour map of every bitcoin at the price they last changed hands between investors. Huge price validation between $50k-$60k. Bitcoin as a $1T asset class IMO is now cemented; hard to see it dropping below this zone.The next days will be crucial to determine if Bitcoin will retest the lows at these levels or if it will break to the upside with its eye set to burn straight into $100,000 by the end of the year.
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