Bitcoin Plunges to $82,000 Amid Sharp Differences, Celebrity Trader Debates Future Outlook
BlockBeats News, August 29. This weekend, Bitcoin turned downwards after breaking through $81,000, following bearish news such as the Wash trading speech. During this time, some traders had warned in advance of selling pressure around $82,000, while some celebrity traders believed that the short-term selling pressure was nothing to fear. BlockBeats has compiled the following analysis of the market direction after a heated debate between bulls and bears:
Analyst alicharts stated on the 27th that Bitcoin's URPD (UTXO Realized Price Distribution) data shows significant resistance in the $83,307-$84,569 range, which could lead to profit-taking and a short-term correction. If a pullback occurs, potential support for Bitcoin is located at $76,996-$78,258 (with a transaction volume of 843,000 BTC) and $63,111 (with a transaction volume of 925,000 BTC), a pullback to these areas may provide a good buying opportunity.
Renowned trader Killa warned of a short-term pullback after August 19, but by comparing it to the 2022 Bitcoin bottoming formation, he expects the current Bitcoin pullback after reaching a high to be shallow, with $70,000-$73,000 potentially being the bottom. Yesterday, Killa once again confirmed that Bitcoin is definitely unable to break through the $100,000 mark this year, and both technically and in terms of market sentiment need to consolidate sideways. It is expected that $100,000 will be reached in Q2 next year.
The founder of Lebit Mining Pool (B.TOP), Jiang Zhuoer, shares a similar view with Killa. In a post on Friday, he stated that both BTC and ETH had fallen below the ascending channel. With no ETF buying pressure over the weekend, it is a weak bullish time, potentially leading to a downturn. Currently, he has sold 50% of his ETH spot position at an average price of $2,430.
In response, the star trader "Setting Ten Big Targets First" does not believe that the selling pressure at $82,000 will pose a threat to Bitcoin's medium-term trend. In a post on the 28th, he confirmed that he had already purchased back two-thirds of his position in the $7.8-$7.98 range. Essentially, it's hard to see a decent pullback before $100,000. $100,000 is coming soon.
As of the time of publication, Bitcoin is consolidating around $77,500 after falling. Considering various traders' views, it is now a consensus that Bitcoin's medium to long-term bullish trend is established. If there is a further decline this weekend or next week, there may be a buying opportunity.
