As a seasoned analyst with over two decades of experience in both traditional and digital markets, I have learned to navigate the ebbs and flows with a discerning eye. The recent dip in Bitcoin’s price to below $93,000 seems like just another blip on the radar to me.
According to cryptocurrency experts, the current drop in Bitcoin’s price to under $93,000 may not last long, and it’s predicted that this digital asset could still surpass the $100,000 mark by the end of 2021.
On November 26th (Tuesday), Bitcoin (BTC) experienced a drop of nearly 7% from its previous all-time high on Nov. 22, which stood at $99,645. This dip took it to an intraday low of $92,775 during early morning trading. However, by the time this text was written, Bitcoin had bounced back and was being traded around $94,600. Despite this temporary setback, analysts continue to express optimism for its performance for the rest of 2021.
10x Research’s founder and CEO, Markus Thielen, stated to CryptoMoon on November 26th that Bitcoin is strengthening its position before the extended Thanksgiving weekend, as traders foresee a reduction in potential market fluctuations.
He added that Bitcoin has a historical tendency to weaken toward the end of the month, which is “helping to alleviate its overbought technical condition.”
He said that broader macroeconomic factors, such as strong economic growth data, could result in the Federal Reserve surprising markets by holding interest rates steady in December, impacting high-risk assets, but he remained bullish for the coming weeks.
“Despite these short-term headwinds, we remain confident that Bitcoin will surpass the $100,000 milestone within the coming weeks, maintaining a bullish outlook for 2025.”
Trader and analyst ‘Bluntz’ shared a similar viewpoint, stating to his 298,000 Twitter followers: “I believe it will rise further, and it may not drop as much as some people anticipate.
Others on X have called it the “flush before the rush.”
In simpler terms, Charlie Sherry, who’s both the Head of Finance and a Cryptocurrency Analyst at BTC Markets, recently explained to CryptoMoon that Bitcoin‘s recent dip down to $93,000 can be seen as a typical part of its historical trend. This trend involves significant increases followed by necessary corrections.
He added that these pullbacks “demonstrate a cyclical pattern that allows the market to consolidate gains and reduce leverage before advancing further” before predicting that this could be a final flush before it hits six figures.
“The dip to $92,600 aligns with this trend, suggesting it could be the ‘last flush’ before Bitcoin finally crosses $100K.”
Warning from Sherry: If the retreat continues, Bitcoin might encounter resistance in the $88,000 to $90,000 zone, as these points have shown strong support during the latest market fluctuations.
On the other hand, if there’s a more significant adjustment of around 20-30%, Bitcoin might move towards $80,000, which aligns with past bull market trends,” he noted.
He referred to blockchain betting platform Polymarket’s 72% odds of BTC hitting $100,000 before Christmas, adding, “I like those odds.”
CK Zheng, co-founder of ZX Squared Capital, mentioned that $100,000 serves as a significant resistance point for Bitcoin in the immediate future. He explained to CryptoMoon that some long-term investors might decide to lessen their exposure to Bitcoin at this psychological threshold, and the market could be entering a consolidation period following the substantial price surge after the U.S. election.
“We believe the pullback is a healthy one, but the extent of the pullback will be quite shallow. A 20% pullback will provide a great entry point for new long-term investors.”
According to Zheng’s statement, the company anticipates that Bitcoin will surpass the $100,000 mark within a short period due to the incoming Trump administration likely fostering supportive policies and regulations towards cryptocurrencies in the U.S.
Additional reporting by Brayden Lindrea.
Read More
- The Masked Singer Christmas special line-up – who are the characters?
- CRV PREDICTION. CRV cryptocurrency
- ZIG PREDICTION. ZIG cryptocurrency
- CTK PREDICTION. CTK cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- AGI PREDICTION. AGI cryptocurrency
- BONK trading volume crashed 73% – PEPE, WIF, FLOKI next?
- OKB PREDICTION. OKB cryptocurrency
2024-11-26 08:06