Bitcoin hits $112K - quiet accumulation or just a setup?

[Questat]

Bitcoin has pushed all the way up to around $112,000 after a strong rally. On-chain data shows billions worth of BTC moving out of centralized exchanges, which many interpret as a sign of accumulation, large holders pulling coins off exchanges to keep in private wallets. ( fxleaders.com)

https://coinmarketcap.com/currencies/bitcoin/


The big question is, should this really be taken as a bullish signal?

Yes, moving coins off exchanges lowers the immediate selling pressure, but there’s no assurance they won’t flow back later. It might be real long-term accumulation, or just whales preparing for the next move.

What’s your take? Is this the start of a real push to new highs, or just another trap before a correction?

[Free Market Capitalist]

What’s your take? Is this the start of a real push to new highs, or just another trap before a correction?

I don't really believe in technical analysis, and I'm not too concerned about what Bitcoin will do next month, but rather over the next decade. That said, I do like to follow the short-term price trajectory, but more for entertainment. In this case, I hope that the last quarter of the year, especially October, will be more bullish, as it usually is, and that it will bring us the long-awaited price growth, because this year, which should be very bullish, the price is quite flat.

[HardFireMiner]

Historically, Q4 was mostly bullish, especially in Bulls markets, we had much more greeen October and November months as we had red.

I am very optimistic, technically it looks good as well.

[Questat]

Historically, Q4 was mostly bullish, especially in Bulls markets, we had much more greeen October and November months as we had red.

I am very optimistic, technically it looks good as well.

I agree with this. I’m not that good with TA, but I’ve always noticed that the 4th quarter tends to be bullish.

Hopefully we get a new ATH. I do expect the bull market to push Bitcoin hard again… is FOMO coming?

[centrum]

i don’t think it will happen now. many times things don’t go the way we think. a few days ago, bitcoin reached a new record, and it’s not always possible to break another record right after that. if the price goes up a little now, i would call it a kind of trap. small traders might think the price will keep rising and start buying, but after some time, the whales might sell and the market will fall again. so, i think it’s better not to invest now because the bull run might be near the end. after this, there could be a big dump and a major correction.

[Franklyn-wood]

You look at the chart, you use old charts to judge how the future chart is going to look like...what a magic LoL
We need to mature and start thinking differently, the year is getting to an end and many of us have not meet up with various resolutions for the year. This is not a time to look at the chart and guess how the future is going to look like. The power of tomorrow becoming great all depends on the input of today.

It time to focus and throwing the ides of knowing how the price of Bitcoin will play out by merely checking the old charts...smell like magic that needed to be confirmed by checking the market outcome. The movement of Bitcoin is no more depending on the technicality of the old charts. Revolution is taking place, market structure is changing, the government is jumping into crypto, and big firms are accumulating Bitcoin to rig the market at any point in time. This is not a time to calculate how the price of Bitcoin will look like.

This is a time to buy and take your mind away from the charts... whatever wanna be will be, your speculations do not change anything in the market. If price want to dip, it will dip and if it wants to go up it will. Price, accumulate, and hold. If you want to sell, sell your portfolios...if you want to hold, Hodl...and that does not change the market Outlook. The focus should be holding not checking the movement of price every fucking time. Ah, I need a glass of 130.6 proof whiskey!

[imamusma]

What’s your take? Is this the start of a real push to new highs, or just another trap before a correction?

I don't really believe in technical analysis, and I'm not too concerned about what Bitcoin will do next month, but rather over the next decade. That said, I do like to follow the short-term price trajectory, but more for entertainment. In this case, I hope that the last quarter of the year, especially October, will be more bullish, as it usually is, and that it will bring us the long-awaited price growth, because this year, which should be very bullish, the price is quite flat.

I also hope that Bitcoin will be more bullish in Q4. Considering the adoption trend and market sentiment, it’s very likely that Bitcoin will continue to rise in the long term, so this might be another opportunity to accumulate more Bitcoin.
I think that over the long run Bitcoin will provide greater returns, so even though its price often experiences corrections, we shouldn’t be too worried. Of course, it’s fun to watch the price movement, and today Bitcoin has shown a slight increase to the $113K level after correcting to around $107K at the beginning of September.

[boyptc]

The big question is, should this really be taken as a bullish signal?

We're still in a bull run.

Yes, moving coins off exchanges lowers the immediate selling pressure, but there’s no assurance they won’t flow back later. It might be real long-term accumulation, or just whales preparing for the next move.

These whales could have been into this game and they're putting pressure to the retailers. And so, if they're playing out with movement of their huge amount of bitcoins, it could have been a setup.

What’s your take? Is this the start of a real push to new highs, or just another trap before a correction?

I'm neutral. Trying to observe the market still because we don't know if by tomorrow it's going to be moving upwards or a sudden crash comes.

[philipma1957]

Please lock your out of date thread and start a new one.

As we are now over 114k not 112k

[Questat]

Please lock your out of date thread and start a new one.

As we are now over 114k not 112k

Thanks for the suggestion. I think this thread has already served its purpose as btc hit $114k, and even though we’re back to $112k now, the point is Bitcoin is moving in a bullish direction after that short slump. We all know the exciting part is coming soon.