{"id":122091,"date":"2020-11-28T16:00:00","date_gmt":"2020-11-28T13:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/3-reasons-traders-now-expect-bitcoin-hitting-13k-before-a-new-rally\/"},"modified":"2020-11-28T16:00:00","modified_gmt":"2020-11-28T13:00:00","slug":"3-reasons-traders-now-expect-bitcoin-hitting-13k-before-a-new-rally","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/3-reasons-traders-now-expect-bitcoin-hitting-13k-before-a-new-rally\/","title":{"rendered":"# 3 reasons traders now expect Bitcoin hitting $13K before a new rally"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6af2da4e7ac68\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6af2da4e7ac68\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/3-reasons-traders-now-expect-bitcoin-hitting-13k-before-a-new-rally\/#Historical_cycles_hint_at_deeper_BTC_correction\" >Historical cycles hint at deeper BTC correction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/3-reasons-traders-now-expect-bitcoin-hitting-13k-before-a-new-rally\/#The_Fibonacci_sequence\" >The Fibonacci sequence<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/3-reasons-traders-now-expect-bitcoin-hitting-13k-before-a-new-rally\/#The_futures_markets_open_interest_remains_high\" >The futures market\u2019s open interest remains high<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/3-reasons-traders-now-expect-bitcoin-hitting-13k-before-a-new-rally\/#Bullish_counterarguments\" >Bullish counterarguments<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># 3 reasons traders now expect Bitcoin hitting $13K before a new rally  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>The price of Bitcoin (BTC) has been consolidating above $17,000 on Nov. 28 following a major correction from $19,400. In the near term, traders anticipate the dominant cryptocurrency to see another steep pullback.<\/p>\n<p>There are three main reasons why traders expect a deeper drop to occur in the near future, namely,\u00a0 historical cycles, the Fibonacci Sequence, and the record-high open interest of the futures market. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/451c3abd-a328-40b2-81b4-af73b330aea6.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart (Binance). Source: TradingView.com<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Historical_cycles_hint_at_deeper_BTC_correction\"><\/span>Historical cycles hint at deeper BTC correction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>BTC price frequently saw 20% to 30% drops in past bull markets like the rally to nearly $20,000 in 2017. Although the rally continued afterward, major corrections occurred as the derivatives market became overcrowded.<\/p>\n<p>Several traders now say that the price of Bitcoin should correct to the $13,800-$14,500 range if a similar pattern occurs. <\/p>\n<p>In addition, some technical analysts are considering a worst-case scenario where BTC falls to the top of the August 2020 rally. That would put the price of Bitcoin at around $12,468.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a><\/p>\n<p>Crypto <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> is going to hate me for this&#8230;<\/p>\n<p>I have strong conviction we&#8217;ll see $13k-ish. <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/t.co\/6g3sFzbVnt\">pic.twitter.com\/6g3sFzbVnt<\/a><\/p>\n<p>\u2014 Altcoin Psycho (@AltcoinPsycho) <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/AltcoinPsycho\/status\/1332404937863561217?ref_src=twsrc%5Etfw\">November 27, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A pseudonymous trader known as \u201cSalsa Tekila\u201d said that the technical outlook of Bitcoin is relatively straightforward. <\/p>\n<p>If BTC rises above $17,500 and stays above it, the trend becomes bullish once again. But, if BTC stays below $17,500, a drop to the $11,000 to $13,000 range should not be unexpected. The trader <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/SalsaTekila\/status\/1332460304169639937\">wrote<\/a>:<\/p>\n<blockquote><p>\u201cMy $BTC outlook: 1) Bearish below $17&#8217;500 area. 2) Bullish if we break $17&#8217;500, in which case buy dips. 3) $18.7k area = only big resistance before ATH (IF, MAYBE). Could see [$11-$13k]. Wouldn&#8217;t hold net short past \u2248$14.5k.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"The_Fibonacci_sequence\"><\/span>The Fibonacci sequence <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As Cointelegraph previously reported, traders are pinpointing the 0.618 level using the Fibonacci sequence as a potential area of interest for buyers.<\/p>\n<p>The Fibonacci sequence encompassing Bitcoin\u2019s entire rally until $19,400 puts the 0.618 level at around $13,500. Under the sequence, 0.618 is considered a pivotal level for a potential trend reversal.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_futures_markets_open_interest_remains_high\"><\/span>The futures market\u2019s open interest remains high<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When the open interest of the Bitcoin futures market remains above $1 billion, the price of BTC tends to drop.<\/p>\n<p>Earlier today, Cointelegraph reported that throughout BTC\u2019s history, its price often corrected when the futures market saw a heightened level of trading activity.<\/p>\n<p>According to data from Skew, the open interest across major futures exchanges currently exceeds $1 billion. OKEx, Binance Futures, and CME, the three largest BTC futures markets, have now reached an all-time high open interest of $1.4 billion, $0.94 billion, and $0.93 billion, respectively.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/79c0b4c2-5c44-44c1-bb38-4a2ea308f797.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin futures market open interest. Source: Skew<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Bullish_counterarguments\"><\/span>Bullish counterarguments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Other traders, however, believe that Bitcoin could either rally to $18,000 before any pullback or even see a continuation of the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> uptrend to new highs. <\/p>\n<p>Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1332431549233586176?s=20\">said<\/a>\u00a0earlier today that the range low for BTC price is currently holding, which is above $16,000.<\/p>\n<p>This may result in a relief rally to $18,000. Whale clusters also show that the $16,000 area remains a strong support level.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Send it to 18k. <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/t.co\/vsRtaFfDew\">pic.twitter.com\/vsRtaFfDew<\/a><\/p>\n<p>\u2014 il Capo Of Crypto (@CryptoCapo_) <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoCapo_\/status\/1332607697980682241?ref_src=twsrc%5Etfw\">November 28, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Similarly, a pseudonymous trader known as \u201cCrypto Capo\u201d said that based on previous fractals, BTC could first see $18,000 before another major drop.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/3-reasons-traders-now-expect-bitcoin-hitting-13k-before-a-new-rally\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# 3 reasons traders now expect Bitcoin hitting $13K before a new rally &#8221; The price of Bitcoin (BTC) has been consolidating above $17,000 on Nov. 28 following a major correction from $19,400. In the near term, traders anticipate the dominant cryptocurrency to see another steep pullback. There are three main reasons why traders expect&#8230;<\/p>\n","protected":false},"author":1,"featured_media":122092,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/2b26a980-ebf8-4cc9-9030-936563a848b9.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,73785],"class_list":["post-122091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/122091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=122091"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/122091\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/122092"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=122091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=122091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=122091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}