Bitcoin price continued to move sideways after facing rejection at the $50K level but maintained the key support of $47,000 at the time of writing. The top cryptocurrency slid below $47K momentarily but jumped back above it soon after. BTC is currently trading at $47,136 with a 2.5% decline over the past 24-hours.
After seeing an uptrend for nearly three weeks, the sideways price momentum hasn’t deterred long-time Bitcoin holders and whales. According to Santiment data, the “Millionaire Tier” Bitcoin whales (those who hold 100-1000 BTC) have accumulated 20,000 BTC worth nearly a billion-dollar over the past 24 hours, indicating the long-time holders expect the price to go further up.
Whales buying at a $47k price range are considered bullish since it indicates they expect the price to go even higher. The buying trend among whales could indicate a bullish market ahead and predict the future price trends as well. The top cryptocurrency is looking to conquer $50K as key support before retesting its ATH of $64,683.
Bitcoin’s Short Term Outlook Turn Bearish
The top cryptocurrency looks quite strong in the long term as price forecasts of $100K by year-end have been put forward by many. However, as BTC slumps below $47K, the short-term outlook could turn bearish due to sell-side liquidity. Popular Bitcoin analyst Ki-Young Ju pointed towards the bearish factor suggesting the top cryptocurrency could slump further.
— Ki Young Ju 주기영 (@ki_young_ju) August 26, 2021
Scott Melker, another popular crypto influencer pointed towards the breakdown from the 4-hour ascending channel with strong support at $46K in the short term. He also said that he expects the price to slide further to $42K levels if the current support price doesn’t hold, but reaffirmed a bounce back is inevitable for Bitcoin.
Ascending channel breakdown with a dip into 4-hour supply was likely, as I discussed on my video and in the newsletter yesterday.
This is a reasonable place for a bounce if we are going to see only a small correction. pic.twitter.com/BLxKfR7iSm
— The Wolf Of All Streets (@scottmelker) August 25, 2021
The top cryptocurrency also registered the biggest exchange inflow since Black Thursday in March last year. In the short term, BTC price could see a minor correction but would eventually bounce back to bullish ways.