© Reuters. Bitcoin has stalled, but here’s why professional traders still expect a price of $ 80,000 in January
Selecting a time frame for technical analysis is always a tricky business, but typically, the longer the trend, the more likely it is to prevail. For example, those looking at the 3-day chart of () will undoubtedly identify an ascending channel pattern that started in late June.
Bitcoin price price chart in USD (FTX). Source: TradingviewBears will also always find ways to justify their opinions despite the fact that Bitcoin has reached new all-time highs following the surge in US consumer prices to 6.2%, which is the largest increase in inflation in 30 years.
However, data from on-chain analytics company Glassnode shows that long-term investors have stopped accumulating BTC and are now diversifying into altcoins. According to analyst Willian Clemente, the recent net sale by this class of investors was the first in 6 months, indicating a “force sell” movement.
Read the full article on Cointelegraph
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy / sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.