As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed numerous bull and bear cycles. The current Bitcoin (BTC) scenario is no exception, and it reminds me of the old saying: “The more things change, the more they stay the same.
On November 24th, Bitcoin (BTC) appeared to be moving towards a crucial low point. Some traders were suspected to be manipulating the market in an attempt to prevent Bitcoin from reaching $100,000.
Bitcoin faces stiff opposition around $100,000
Data from CryptoMoon Markets Pro and TradingView showed BTC price action heading closer to $97,000.
Following a tough time attempting to surpass competitors with prices under $100,000, Bitcoin (BTC/USD) witnessed the reemergence of “fake bidding” or “bait and switch” trading strategies on cryptocurrency exchanges during the weekend.
This took shape as barriers of reduced liquidity strategically positioned to lure the market downwards towards its support level.
In my recent investigation of the market for asset X, I noted an interesting development: The liquidity appears to be dwindling around the price range of $99,500 – $99,000, which suggests a significant ‘ask wall.’ It’s important to note that this ‘wall’ could have been removed since my analysis due to potential manipulative trading strategies such as spoofing on the ask side.
“This spoofing often in illiquid hours forces bots to sell, leading to lower prices.”
In simpler terms, though the suggested price for trading was at $95,000, it was actually $97,300 that became a crucial turning point in the recent market trends.
“Will be looking for signs of passive buyers,” he added.
On November 22nd, people who were selling (and this group includes those who have held for a long time) made unprecedented earnings, as the price of Bitcoin reached an all-time peak of $99,800.
According to Maartunn, an analyst who works with the cryptocurrency data analysis platform CryptoQuant, the total amount reached approximately $443 million for that day.
In his subsequent X post on November 23, he mentioned that the Unrealized Gains stand at a high of 57%.
“This is approaching the March 2024 peak of 69%, signaling an increased probability of a price correction.”
Earlier, CryptoMoon reported on traders’ BTC price pullback targets including $90,000 and lower.
Analyst retains $175,000 BTC price target
In Q4, when the market had already surged approximately 50%, it was Caleb Franzen, founder of Cubic Analytics – a financial research platform, who offered a positive outlook or optimistic perspective on the market.
On November 23rd, Franzen restated his forecast that Bitcoin could reach $175,000 by 2025, noting that the current Bitcoin bull market appears to be following its predicted course.
He stated that we are progressing towards our goal, however, Bitcoin requires a further increase of approximately 77% to reach it. For your information, Bitcoin has already risen by 77% since September 9th, 2024.
An accompanying chart compares bull market performance this year to others in Bitcoin’s history.
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2024-11-24 15:35