Bitcoin (BTC) is dividing opinion as the weekend BTC price surge sent BTC/USD soaring to nearly $80,000.
BTC/USD 1-hour chart. Source: TradingView
Mixed reactions to Bitcoin’s weekend surge
Bitcoin gained nearly $2,000 in a single hourly candle on November 10, according to data from Cointelegraph Markets Pro and TradingView.
Cointelegraph reported that the bulls appear to be taking advantage of the lack of liquidity to drive the market higher, following recent weekend price trends.
But with BTC/USD up nearly 3% on Sunday, some are already skeptical.
Popular commentator WhalePanda told X’s followers, “Low liquidity on the weekend almost always leads to a full retracement.”
Keith Allen, co-founder of trading resource Material Indicators, reiterated the need for “some pullback” during the BTC price upward trend.
“Of course, the weekend is for the whale game and we are in the price discovery phase, so at this point we are more focused on Bitcoin’s weekly and monthly closes,” he wrote in part of a recent X post.
BTC liquidation heatmap. Source: Coinglass
Bitcoin is currently up nearly 15% this week, with Cointelegraph reporting early on $71,500 as the sand bull’s key line should trigger the next “parabolic” phase.
Meanwhile, popular trader Skew explained the bulk trader’s methodology behind the current price action, analyzing order book activity.
These companies “spoof” requested liquidity to drive down the market, resulting in later bids being placed at artificial local lows.
“The last part is applying a % to the price to create price momentum, which causes you to knowingly bid,” he summarizes, and this process can be repeated.
This is the BTC/USDT 1-minute chart. Source: Tilt/X
“Hoping for a new passive bid to go up soon to support the price and increase buying momentum in the price,” added X post, while Skew claimed “$80,000 seems to be the target.”
Traders see a risk of BTC price falling below $50,000.
Additionally, popular trader and analyst Credible Crypto is concerned about an imminent market U-turn.
relevant: Bitcoin price needs two months to return to ‘above macro trend’.
Already positioned for a significant BTC price correction, Credible Crypto doubled its predictions over the weekend, suggesting a target below $50,000.
“To be clear, what I’m trying to say is that we will likely reach the top for most alts (and therefore BTC too) sooner than expected,” he said.
He added that the decline would cause “big bridges to collapse.”
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.