Bitcoin price rebound from recent crash ahead of Nvidia earnings.
Bitcoin price crash concerns mounted after massive sell orders from whales, institutions, and short-term holders. In his Bitcoin price prediction, veteran trader Peter Brandt stressed on the requirement of careful analysis due to bearish reversal patterns. He added that BTC could crash if it fails to reclaim the $117,570 level.
Peter Brandt breaks the silence as Bitcoin price fell more than 12% from $124,457 all-time high to $108,762 amid the ongoing BTC crash.
This has triggered a broader slump in crypto market cap from $4.2 trillion ATH to $3.76 trillion in August, resulting in more than $400 billion lost from the crypto industry in just few weeks.
Peter Brandt said some believe the huge sell order market over the weekend is unimportant. However, he argued that assets usually peak due to supply or distribution, making the recent bearish patterns important.
He pointed out that BTC needs to recover above $117,570 to negate the negative sentiment developed due to a double-top pattern formation. Brandt added a disclaimer, highlighting that he is not taking a bearish or bullish side in his Bitcoin price prediction.
As The Coin Republic earlier reported, experts gave dire warnings about a major Bitcoin price crash, similar to a 29% price discovery correction in 2017 and a 25% drop in 2021. Reversal patterns such as the swing failure pattern (SFP) and double-top wiped out positive sentiment.
On-chain platform Lookonchain reported that Bitcoin OG whale “bc1qlf” sold another 750 BTC worth $83.11 million to Binance. The whale started liquidating its positions as Bitcoin price surpassed $90K.
Recently, the whale sold 1,750 BTC worth $189.3 million at an average price of $108,160, making a total profit of $550 million. Notably, he purchased 5K BTC for $1.66 million 12 years ago, when the Bitcoin price was $332.
Meanwhile, CryptoQuant data showed a drop in 30-day moving average of the Taker Buy/Sell Ratio to its lowest since May 2018.
This sharp drop reflects a dire warning that Bitcoin price may face significant selling pressure in the short term, with high odds of a crash.
Besides, seasonality will continue to weigh upon Bitcoin and crypto assets in September, with upcoming options expiry and PCE inflation data as major cues, as The Coin Republic reported.
As per Bitwise Asset Management, Bitcoin price performance averaged 0.23% in August and -4.68% in September since 2020.
Bitcoin price saw a jump above $112K on Wednesday due to buy-the-dip sentiment after BTC crashed below $109K. At the time of writing, BTC price was trading at $112,424, with an intraday low and high of $108,762 and $112,434, respectively.
Trading volume further decreased by 19% in the last 24 hours as traders remained cautious. BTC would remain volatile as investors would rotate to altcoins.
Popular analyst Michael van de Poppe highlighted massive bullish divergence signals an upside momentum in altcoins. He shared an OTHERS/BTC weekly chart, recommending buying at dips.
According to QCP Capital, all eyes are on Nvidia quarterly earnings release later today. Investors are watching closely for AI revenue growth signs after an MIT study suggested that 95% of AI projects remain unprofitable.
Nvidia earnings have tight correlation with Bitcoin price recently. Could technology stocks rebound support Bitcoin recovery this time?
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