Analyst: BTC Breaks $87,000, Buying Momentum Turns Positive, But Descending Wedge Pattern May Be a Whale Trap
According to Jinse, after Bitcoin broke through $87,000, buying momentum has turned positive in the past 24 hours. However, cryptocurrency analyst Xanrox pointed out that the ongoing descending wedge pattern, often seen as a bullish signal, may actually be a cleverly designed trap by whales. Some institutional investors are likely using this wedge structure mechanism to influence price movements, requiring retail buyers to generate sufficient trading volume for them to sell or increase their positions. If the whale trap is established, Bitcoin could fall to the $67,000 range before a strong upward movement occurs.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Temasek Chief Investment Officer warns: AI trading reversal is the biggest market risk, turbulence may occur in 2027
Temasek's CIO stated that AI-driven trading reversals represent the greatest market risk, with possible turbulence in 2027; however, he remains optimistic in the long term and plans to raise public AI exposure to 70%—75%.
Intel Confirms Advancement of Musk's "Terafab" Chip Plan Amid Stock Price Pressure
Intel CEO Pat Gelsinger stated that the company will continue to participate in Elon Musk's Terafab project. Previously, Musk revealed ongoing discussions with TSMC about potential collaboration, which raised market concerns over Intel's position in the project. As a result, Intel's stock price once dropped by 3.9%.
Gold Price Forecast: XAU/USD retraces gains and nears two-month lows at $4,104
Crypto prices
More
