Bitcoin Bull Run Continues Despite Potential Bearish Patterns, Says CryptoQuant CEO

Key Points:

• Bitcoin’s bull momentum continues amidst sell pressure and price disparity.
• Bitcoin’s price reached $70,000, fell to $63,000, and is forming a bearish pattern.
• If Bitcoin’s support level fails, it could drop to $45,000-$50,000.

Despite fluctuations and potential bearish patterns, the Bitcoin bull run continues with support from CryptoQuant’s CEO, but caution is advised.

A summary of the data for the current month, released by the CEO of CryptoQuant, indicated that the bull momentum of Bitcoin keeps shining through on different volumes of omissions by the whales, who are in a risk-off mode, cutting down their future position exposure, and sell pressure from miners and long-term holders.

Bitcoin Bull Run Momentum and Whales’ Activity

A price disparity was observed since traders entered at $47,000, with no fresh inflows from their ETFs and custody wallets. The demand for Ethereum strongly prevails over Bitcoin, probably even at the beginning of the alt season.

While the chief executive officer supports everybody who is bullish over the long term, he warns against overextended risks. Closer home, Bitcoin’s price journey has been a roller-coaster ride. From topping nearly $70,000, just shy of the all-time high from March, the cryptocurrency has since fallen to $63,000.

This decoupling, in conjunction with the continued upward movement of the Nasdaq, is broadly attributed to the fact that selling by miners was quicker, and the profit-taking near lifetime highs is important. There were also outflows from US-listed spot exchange-traded funds.

Readmore: Mt Gox Payout Date Revealed, Potential Bitcoin Selling Pressure In July 2024

Bitcoin’s Double-Top Formation and Potential Support Level Test

Besides, Bitcoin price is shaping up a double-top bearish technical analysis pattern; the double-top formation usually sets in after a strong uptrend and is hopefully in the final stages.

According to Markus Thielen, the founder of 10x Research, Bitcoin’s support level is under testing. Unless invalidated, Bitcoin can drop to $50,000, even $45,000, considering that despite bullish predictions on the U.S. election and CPI later in the year, a steeper correction is possible.