As a seasoned analyst with over two decades of experience in financial markets, I have witnessed numerous bull and bear cycles, and I can confidently say that Bitcoin’s journey to six figures is an exciting yet familiar dance. The current correction could indeed reach as high as 30%, potentially taking the price below $70,000. However, this temporary setback should not deter long-term investors.
Bitcoin might experience a potential drop of around 30% as it struggles to surpass the $100,000 mark for the first time in its history.
At the moment, the value of Bitcoin (BTC) has dropped by more than 7% compared to its peak record of approximately $99,800, a level reached on November 22nd, according to information from CryptoMoon.
Although many analysts believe it’s just a matter of time until we surpass $100,000, some analysts predict a significant dip may occur before reaching that record-breaking high.
According to Bitget Research’s chief analyst, Ryan Lee, there’s a possibility that Bitcoin may experience a drop of up to 30% before continuing its upward trend. He shared this insight with CryptoMoon.
“In its bid to cross the psychologically important $100,000 price level, investors will need to deal with intense corrections. Historical data trends show that Bitcoin may still correct as much as 30% before it reaches its cyclical top.”
Although past chart patterns may not reliably forecast future market fluctuations, theoretically, if Bitcoin experiences a possible 30% decrease from its current price of $99,800, it could potentially fall below the $70,000 mark.
Bitcoin breaching $100,000 is only a matter of time, and ETF inflows
During cryptocurrency market uptrends, short-term adjustments are common occurrences. However, many experts believe that this ongoing correction won’t last for a prolonged period.
According to Anndy Lian, a renowned author and intergovernmental blockchain specialist, we can expect Bitcoin’s value to exceed $100,000 within the near future.
He told CryptoMoon:
“Bitcoin reaching $100,000 isn’t just a milestone; it’s a testament to the growing trust in decentralized finance and the relentless pursuit of financial sovereignty. As global adoption accelerates and institutional interest deepens, the $100,000 mark symbolizes not just a price, but a paradigm shift in how we perceive and utilize money.”
As a researcher examining the factors influencing Bitcoin’s price fluctuations, I’ve noticed that the slow pace of investment in U.S.-based Bitcoin Exchange-Traded Funds (ETFs) has undeniably played a role in Bitcoin’s recent downturn.
Over the past two days, U.S.-listed Bitcoin Exchange Traded Funds (ETFs) have experienced a total outflow of approximately $122 million, as indicated by data from Farside Investors.
At the end of the month, a decrease in ETF investments is often observed. However, an uptick in ETF purchasing could serve as a trigger for Bitcoin‘s continued growth, predict Bitfinex analysts, sharing this view with CryptoMoon.
“Now that ETF flows appear to have hit a bump in the road and MicroStrategy purchases seem to have paused, it is quite normal for the price to undergo some correction and seek out a new supply-demand equilibrium as marginal buying ends.”
As an analyst, I anticipate a potential correction of up to 20%, but remain optimistic that MicroStrategy’s recent $2.6 billion bond sale and increased ETF purchases will strengthen the crypto market, potentially pushing it towards new record-breaking highs as we approach 2025.
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2024-11-27 15:16