- Reputed silver-tongued analyst declares market makers at work again.
- He believes market markers share out weak hands before the next BTC price surge.
- Next, he expects BTC to set the next ATH target price between $113,000 – $115,000.
The crypto community was disheartened to see the price of BTC decline from the $110,000 price range, an area close to its previous ATH record set at $111,000, to $106,000 and $103,000 in a short time. This was declared to me a market makers shake out in the eyes of a reputed silver-tongued analyst. He believes that market makers are shaking out weak hands before the next ATH leg up begins.
Market Makers Shake Out Weak Hands
In the last few days of the month of May, the crypto market experienced a liquidation of over $345 million, soon followed by a massive outflow in BTC ETF . These moves together brought down the price of BTC, which was close to its previous ATH, all the way down to the $103,000 price range. Then, BTC price pumped to $104,000 where it set its highest monthly close so far on the last day of May.
During the price decline, and long before the price of BTC set its ATH in the $111,000 price range, many analysts predicted the price of Bitcoin would fall back to 5-digit prices. In particular, these analysts expected to see a decline to the $98,000 and $99,000 price targets before soaring back up to 6-digit prices once again. When this occurs, new ATH prices are expected to arrive.
Presently, according to CoinMarketCap analytics, the price of Bitcoin (BTC) sits at $104,322, showing an almost 3% decline on the weekly and a 0.58% pump on the daily price chart. The data also shows BTC is at a total market cap of $2,073,153,726,524.15 and a 24-hour trading volume of $35,575,459,730.33. From here, the price of Bitcoin must experience a pump of over 6.85% to reclaim its previous ATH prices.
Next BTC ATH Target Set Between $113,000 – $115,000
The recent decline in BTC price may have begun due to ETF outflows and liquidations, but one reputed crypto analyst, known for his many accurate predictions, says that this price decline is just market makers shaking out weak hands. Many times, this analyst, Doctor Profit, has claimed this reasoning before, and he hasn’t been wrong. So far, retail holders tend to buy when the market is greedy and panic sell soon after when the price declines during fear and neutral times.
Often, BTC accumulation is expected to be made in times of fear and neutral market sentiment and not during greed phases. This is because the greed phase is soon followed by significant declines, and weak hands cannot handle these dips and give in to panic selling , which only leads ot further declines. The analyst concludes that market makers are at it again and are only shaking out weak hands before BTC heads into its next leg up and expects a surge towards a new BTC ATH target between $113,000 and $115,000.
