Bitcoin Analyst Predicts Drop After Price Spike to $116,000

Crypto analyst Adez has provided insights on the recent Bitcoin price movement, cautioning against a bullish outlook despite a recent rally to $116,000. Key points include:

The recent Bitcoin price increase from $111,000 to $115,500 is viewed as a potential trap.
The Cumulative Volume Delta (CVD) showed minimal change, and open interest on Binance remained flat, indicating limited new capital inflow.
No institutional support or retail FOMO was detected, suggesting the move may be a liquidity grab.
Adez predicts a possible sharp reversal if Bitcoin's price falls below $114,600, with further declines to real support levels between $104,000 and $106,000 within seven to ten days.
Historically, November is 60% bullish, but rallies typically begin from lower value zones where institutions accumulate.
Smart Money is expected to capitalize on the drop to load up at support levels before riding the price back up above $130,000.

Currently, Bitcoin is trading around $113,000, experiencing a decline in the last 24 hours.