A crypto analyst predicts a pump for Bitcoin based on liquidity analysis and market maker behavior. In this regard, according to the analyst, BTC may be ready for a ‘short squeeze’ towards the $ 27,000 price region in the coming days. However, the analyst notes that this pump will be fake and sets levels to watch.
Analyst: Beware of fake Bitcoin pump!
In particular, the analyst who manages the CrypNuevo account demonstrates a high level of accuracy in trading technical analysis. He last predicted a ‘fake decline’ for Bitcoin ahead of a ‘short squeeze’ on August 28. The analyst was right in his prediction.
As you follow from Kriptokoin.com, the cryptocurrency market woke up with losses on September 11. This time too, the analyst believes that the exact opposite of his last analysis will occur, with Bitcoin market makers preparing for a ‘fake pump’ to $26,900 before a further decline to liquidate long positions in the $24,000 price zone. The analyst predicts that BTC will likely drop to $23,000 after that.
Bitcoin 4 hour price chart prediction. Source: CrypNuevoCurrently, Bitcoin is trading within the price support rectangle that the analyst drew on Sunday.
Market makers are pushing up the $24,000 liquidation zone
Interestingly, this breakdown has come since CrypNuevo’s last reported prediction. The expert analyst says that market makers and Bitcoin whales have been preparing to go for these sub-$24,000 price targets for several weeks. In this context, CrypNuevo makes the following statement accompanied by a graphic:
If we compare the current liquidation zones with 2 weeks ago, we can see how liquidations in this zone have increased significantly over the last few weeks. We had the August 29 ETF news pump that trapped many traders in the $27.5K to $28K range. That’s why long liquidation increased.
Purge Levels Heat Map. Source: HyblockCapitalBitcoin price analysis
Meanwhile, Bitcoin is trading at $25,165 as of press time. The leading cryptocurrency lost 2.25% during the day. According to the analyst, it will see a minor pump to $26,900 before a decline. However, after that, it will make a big dive towards $23,000.
Bitcoin 1 day price chart. Source: CoinMarketCapAll things considered, the digital asset’s ability to meet the above analyst’s expectations will depend on other Bitcoin-related developments as well as overall sentiment in the broader crypto and macroeconomic environment. This week, US CPI data and the Delaware Bankruptcy Court’s decision on FTX liquidations will set the agenda. This data and news, both of which will be announced on September 13, are very important. Therefore, expectations are that this week will be a week with high volatility.
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