Bitcoin investors are optimistic about the coming weeks especially with the halving now just two weeks away. However, prior to this, there is reason to be wary of the BTC short-term outlook.
Bitcoin is facing a major resistance. Since climbing to reach $7.7K, investors have been facing major resistance. Now while many investors still expect the digital asset to get a breakthrough, a few factors threaten the BTC short-term outlook.
Those getting ready for some strong action should be keen on two factors. The first is a major move readying through a whale.
This whale, who has remained dormant for around 5 years, has finally moved the BTC.
Fortunately, the movement has been on-chain. Because this is not through an exchange, it means the whale is not about to trade his stash.
The bearish BTC short-term outlook is possible and the whale could be assessing a move to dump his stash during the halving hype.
Already, we have reported that Bitcoin has entered a certain whale manipulation zone. This means volatility should hit ATHs as the whales‚Äô pump and dump.
Another reason to be wary of a bearish BTC short-term outlook is the likelihood of the 1.5 million investors who bought Bitcoin at $8K.
These investors bought the Bitcoin expecting higher performance but the market has been on a downward trend. Some of these investors have been waiting for a return above this position before cashing in.
This could lead to a massive crash once this is achieved.
BTC Short-term Outlook Positive For Altcoins
At the time of the press, Bitcoin is looking bearish after starting to trade sideways. Sideways action leads to drops as it encourages exit of speculators and sees bullish confidence drop.
This is however good for altcoins which tend to take up dominance during a Bitcoin slack. The first of these should be Ethereum which has been leading the market for months now.