- Bitcoin price prediction stuck in small range as accumulation phase begins
- Bitcoin whales have built strong support near the $17,200 level to prevent the downfall
- BTC/USD set for a breakout as technical indicators support an uptrend
- Bitcoin price prediction moving in line with the broader crypto market rally
Bitcoin price prediction of $19,000 possible soon on the back of massive whale support
The ongoing rally in BTC/USD is set to extend further with $19,000 within sight. Data suggests that BTC whales have built strong fortifications near $17,2000. If the price falls towards this support region, BTC whales will likely stop the fall and convert the opportunity into a massive buying spree.
Surprisingly, Bitfinex that was mostly placing sell walls before now has a pretty fat buy wall below. pic.twitter.com/bmdEUmYLfe
— Edward Morra (@edwardmorra_btc) November 19, 2020
The current Bitcoin bull rally seems overextended on the daily timeframe. However, large investors and BTC whales are known to defy technicals in the past as well. A well-known BTC trader, Edward Morra, says that exchange data shows how whales have built vital support regions to protect any downfall below the $17,200 level. Massive buy walls will help support the current bull rally and prepare for a move towards $19,000.
Bitcoin price movement in the last 4-hours – Will $17,000 support
As BTC/USD prepares to cross $18,500, bears are also getting ready to initiate a selling spree. However, whale clusters near the $17,000 level will prove a tough nut to crack in case of an extended sell-off. Technically, there is not much resistance beyond $18,500, and BTC/USD can quickly scale mount $20K with some heavy volume underneath the pair.