$BTC Cryptocurrency Market Huge Bearish! Wall Street's Billion-Dollar Giant Shorting Bitcoin, Will It Drop to 80,000 This Time? When Can We Buy the Dip? Musk Suddenly Takes Big Action, Dogecoin Is About to Skyrocket!

Cryptocurrency Market Huge Bearish! Wall Street's Billion-Dollar Giant Shorting Bitcoin, Will It Drop to 80,000 This Time? When Can We Buy the Dip? Musk Suddenly Takes Big Action, Dogecoin Is About to Skyrocket! Let's take a look together.

Will Bitcoin Drop to 80,000?

Bitcoin first made a wave of false bullishness, then crashed directly in the middle of the night, even breaking the 8-hour Bollinger support, stopping above the daily support. Since it did not break the daily line, the overall trend is still intact, continuing to operate within the Bollinger Bands on the daily line.

Currently, the converging triangle has broken down, and Bitcoin is in a sustained bearish state. It is not recommended to chase shorts here; wait for further rebounds to short. The weekend is highly likely to see low-level consolidation, and there are two types of subsequent rebounds.

Weak Rebound: Rebound height does not exceed 105200

Strong Rebound: Rebound height does not exceed 106800. The lower support continues to look at around 100500, and if it breaks below, it can be seen as a double top formation.

Wall Street's Billion-Dollar Giant Shorting Bitcoin!

Wall Street's billion-dollar asset management giant Abraxas is shorting the cryptocurrency market, shorting $BTC, $ETH, $HYPE, $SOL, and $SUI, with an amount reaching 489 million dollars and a total position of up to 500 million dollars, which can be said to be a comprehensive short. Currently, the unrealized profit is about 5 million dollars.

The giant whale Spoofy also completed liquidation in the past few weeks, selling a total of 3 billion dollars worth of Bitcoin, and there are currently no signs of re-buying.

All of this indicates that the market has a larger downward space. Bitcoin is now just like the previous times, forming a double top before distributing at the top. Usually, the distribution takes about 1-2 months to complete the turnover before a crash occurs, with low prices absorbing again. Bitcoin has already been in consolidation at the top for a month, and it seems that it won't be long before the harvest.

ETH

ETH is currently in a descending wedge pattern, which is also a bullish signal. After yesterday's triangular breakout, it did not hold and then crashed back, so the triangular pattern has completed. Currently, we can only judge through the wedge. The current price is also near the lower edge, so one can directly enter long around the current price of 2424 to bet for a rise.