Zinger Key Points
- While one trader sees Bitcoin below $93,000 is a problem, another views the current setup as an ideal opportunity for long-term positioning.
- Despite its flat weekly performance, whale transactions spiked significantly, indicating growing market activity.
Bitcoin's BTC/USD relatively subdued performance over the past week has traders speculating whether prices might fall below key support levels before year-end.
What Happened: Chris Burniske, a crypto industry expert and former ARK Invest analyst, remains optimistic despite Bitcoin's 15% retracement from its highs.
He points out that quality altcoins are showing resilience, forming higher lows on key timeframes, which suggests the market structure remains healthy.
In a post on X on Saturday, Burniske noted that sentiment and funding rates reveal diminished enthusiasm among late bulls.
However, bullish Q4 developments, coupled with the current fear in the market, present what he calls a “sweet setup for entry into 2025,” especially for long-term investors with conviction.
Conversely, crypto chart analyst Ali Martinez issued a warning, stating that Bitcoin dropping below $93,000 could signal trouble due to a lack of substantial support beneath that level.
Also Read: 2025 Outlook: Bitcoin To $150,000, Ethereum To $5,500, Dogecoin Hits $1, Galaxy Research Predicts
Why It Matters: Despite the relatively flat trading performance, Bitcoin's whale transactions spiked 53.99% in a single day while transactions greater than $100,000 remain relatively flat but in an uptrend.
IntoTheBlock data shows 93% of BTC traders are in profit and only 5% are underwater.
Coinglass data shows a 122% increase in Bitcoin derivatives trading volume.
Open interest climbed 3.6% to $60.7 billion, with $64 million in liquidations reported in the past 24 hours, over half of which were long positions.
What's Next: The spike in whale transactions and rising open interest indicate sustained market engagement despite Bitcoin's lack of significant price movement.
For investors, the data highlights opportunities amid current volatility, particularly with analysts like Burniske forecasting a strong long-term outlook into 2025.
Read Next:
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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