As a seasoned crypto investor with battle scars from multiple market corrections and bull runs etched into my virtual wallet, I find myself standing before another volatile Bitcoin (BTC) dip on Nov 25th. The market’s mood is as unpredictable as a rollercoaster ride at an amusement park – exhilarating one moment, stomach-churning the next.
Bitcoin (BTC) fell over 3% on Nov. 25 as traders called for calm over new BTC price weakness.
Flash Bitcoin volatility punishes late longs
According to data from CryptoMoon Markets Pro and TradingView, Bitcoin (BTC) dipped down to approximately $94,600 on Bitstamp during unstable market circumstances following the opening of Wall Street.
Instead of maintaining their position during a rebound following a dip below $96,000 before the end of the week, bulls were unable to do so. Even optimistic news events failed to improve sentiment. Among these events was the announcement that Israel and Hezbollah had reached a truce in their conflict.
In contrast to Bitcoin, United States equities were mildly up at the time of writing.
Meanwhile, business intelligence and software company MicroStrategy revealed they bought approximately $5.5 billion worth of Bitcoin during the week ending November 24th – a decision that often signals a potential downturn once verified.
Reacting, commentators including trading resource Material Indicators look a longer-term view.
Following a swift increase since the election, and with more than $200 million worth of Bitcoin requests piled up near the $100,000 mark, it’s not unexpected that Bitcoin is currently looking for a level of support to hold, according to a post on X.
An accompanying chart showed key liquidation levels on largest global exchange Binance.
If there’s no sign of a double bottom rebound from this point, my forecast suggests prices might move towards the $89,000 to $91,000 range instead.
24-hour data from CoinGlass shows approximately $430 million worth of crypto assets were liquidated across all platforms during that period.
In simpler terms, if you fully grasped the potential of Bitcoin, you’d find no reason to be worried by its temporary dips or setbacks as it prepares for an upward surge. This is according to a well-known trader, as expressed in their Reddit post.
“Stay calm, observe the market, and pay attention to the emotions around you so you can recognize similar patterns in the future. Developing the ability to remain calm when everyone else is losing their heads is essential.”
$100,000 BTC price odds collapse
The swift drop in Bitcoin’s price has caused immediate doubts about the recent forecasts that it could reach $100,000 by the end of this month, reflecting the market’s sensitivity to short-term BTC price fluctuations.
As I analyze the data from the betting platform Kalshi, it’s worth noting that initially, the odds of a $100,000 price tag being reached by the end of November were estimated at only 42%. However, as of November 23rd, these odds have significantly increased to 85%, indicating a potential shift in market sentiment.
Chances of reaching the $100,000 mark before 2025, however, remained higher at 75%.
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2024-11-25 19:04