Bitcoin’s Bottom? Or Just a Fluffy Pillow for the Sky-High Climber? 🚀

by

Key takeaways:

  • Bitcoin (BTC) has done its best impression of a rollercoaster, bouncing off the 50-day EMA and aiming for a lovely trip to $148,000. 🎢

  • An ancient whale—probably the crypto equivalent of that guy who still has his 90s hairdo—just dumped 80,000 BTC. Third time’s the charm, or so they say before the next big market dance.

So, Bitcoin has been dipping, dropping about 7.8% in the last three weeks—an elegant dance of market correction or a crypto tantrum? Who can say! Analysts, however, are whispering sweet nothings about a final shakeout before it catapults toward a glorious $150,000. Or maybe just a really expensive dinner.

BTC hugging its favorite moving average — like a cat with a sunny spot

This Sunday saw Bitcoin snuggling back above its 50-day exponential moving average (the red line that looks a bit like a confused roller coaster), after giving everyone a tiny scare by dipping below it. It’s like a support system for its ego, if blockchains had egos. 🧱

This EMA has historically been the crypto version of a good luck charm, sparking rallies and even a 25% jump back in June. Now, it’s making a reappearance, and analyst BitBull (not the one you wrestle, the one who watches charts) suggests we’re gearing up for a repeat performance, possibly sinking to $110K—because what’s a dip without some drama? 💧

Breakout target? Oh, just a modest $148,000, no big deal

Bullish patterns are like the cool kids at the party—hard to miss. BTC’s latest high school dance stage? An inverted head-and-shoulders pattern, which sounds like a fancy shirt but is actually technical mumbo jumbo for “it’s going up.” After a quick flirt with the neckline, Bitcoin is now retesting its commitment level, like a cautious dater, and this dance leads straight to $148,250—just the kind of number that makes accountants smile.

This is only a hair (or a pixel) away from the anticipated October explosion towards the coveted $150K milestone. Fingers crossed, or just keep those fingers crossed behind your back, because in crypto, anything can happen—except maybe a bunny hopping into the blockchain.

Old Buffett but with a crypto twist: The whale’s $9.6 billion yawn

Some old-school whale just took a giant exhale, throwing around $9.6 billion as if it’s loose change. This whale’s been quite the show-off, selling off 80,000 BTC in July after a startling breakout over $120K, just as the market needed a good coolant after the hot streaks of profit. 🐋

According to the wise sages at CryptoQuant, these profit waves are like the tide: they come, they go, and they leave behind a quiet beach for a bit. History shows these cooling phases sometimes cool enough to get the market ready for a new run—like a caffeine boost for the crypto crowd.

“The data provides compelling evidence that the market is undergoing another cyclical cooling phase, consistent with prior waves that preceded periods of consolidation and later breakouts to higher prices.”

Read More

2025-08-03 19:04