Although the Bitcoin price is in the process of exploring new highs, this has not prevented market participants from predicting that its price will quickly fall back.
Bitcoin saw a price surge over the weekend, with BTC/USD approaching $80,000.
*BTC/USD 1 hour chart. Source: TradingView*
**Bitcoin Surges on the Weekend, Market Reactions Vary**
Bitcoin rose by nearly $2,000 in a single hourly candle on November 10.
According to Cointelegraph's report, following the recent weekend price trend, bullish market participants seem to have used the lower liquidity periods to drive the market higher.
However, despite the nearly 3% rise in BTC/USD on Sunday, some have already started to express skepticism.
"Price volatility during low-liquidity weekends almost always fully retraces," well-known commentator WhalePanda told his followers on the X platform.
Material Indicators co-founder Keith Allen reiterated that "some retracement" is needed when Bitcoin prices rise.
"Of course, the weekends are whale games time, and we're in a price discovery phase, so I'm more focused on Bitcoin's weekly and monthly closes at this point," he wrote in a recent X platform post.
*BTC Liquidation Heat Map. Source: CoinGlass*
Bitcoin has risen nearly 15% this week, and Cointelegraph previously reported that $71,500 is a key level for bulls to break through to trigger the next stage of "parabolic" upside.
Meanwhile, analyzing order book activity, well-known trader Skew explained the strategies that large-volume traders may be employing behind the current price volatility.
These institutions are pushing the market down with "fake" sell-side liquidity, then filling buy-side at locally set lows.
"The final step is for them to gradually buy in at VWAP to create price momentum - which will then trigger algo buying as well," he summarized, a process that can then repeat.
In a further post on the X platform, Skew added: "I hope to see new passive buy orders come in quickly to support prices and strengthen the buy-side momentum," also noting that "$80,000 seems to be the target price."
**Traders Bearish, Expect Bitcoin Price to Dip Below $50,000**
Another well-known trader and analyst, Credible Crypto, has expressed concerns about an imminent market reversal.
Credible Crypto has already prepared for a significant Bitcoin price correction, further emphasizing this prediction over the weekend, with a target price below $50,000.
"To be clear, what I'm trying to express is that I think we're likely to approach the top of most Altcoins (and therefore Bitcoin as well) sooner than expected," he stated.
He added that this retracement would lead to "a major downside move."
