Bitcoin Whales Market Manipulation Games Impact Price, Double-Top Pattern Signals Potential Drop to $50,000, Says Analyst

These sophisticated whales use deceptive tactics like “spoofing,” where they place sizeable buy or sell orders without intending to execute them, artificially creating a false sense of market liquidity.

Bitcoin’s recent price drop below $60,000** has sparked analysis among traders and analysts. Some point to market manipulation by large holders, known as **whales**, who use tactics like “spoofing” to create a false sense of market liquidity. **Bitcoin**’s repeated failure to break above higher resistance levels has formed a “double-top price pattern,” which could lead to a steeper decline to **$50,000, according to one crypto analyst. If Bitcoin breaks below the support line, it could fall to $50,000** or even **$45,000. Data shows significant long liquidations due to the recent price drop. Over 24 hours, long liquidations reached $136.5** million, while the overall crypto market saw **$265 million in liquidations, indicating substantial losses for traders who bet on Bitcoin’s price increasing. Bitcoin’s Relative Strength Index (RSI) on a daily time frame hit a 10-month low, with an RSI below 30 typically indicating oversold conditions. This is the first time since August 2023 that the RSI has reached these levels. Crypto traders are discussing Bitcoin’s price action after the halving event on April 20, which cut Bitcoin miner block rewards by 50%. One crypto trader observed that Bitcoin’s price action is similar to the 2016 halving cycle. Another trader believes the market is approximately 40% through the bull market phase. He noted that the drop below $60,000** allows buyers to enter before **Bitcoin** enters a parabolic uptrend. **Bitcoin** is likely to stay in a narrow trading range this quarter, according to Michael Novogratz, founder of Galaxy Digital Holdings Ltd. He expects **Bitcoin** to trade between **$55,000 and $75,000 until the next set of market events, such as the Fed cutting rates or the election, which could bring further clarity to the crypto regulatory landscape.

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