The fall of Bitcoin after the cryptocurrency attempted to storm the psychologically important level of $100,000 worried many members of the crypto community.
We tell you why Bitcoin fell and what forecast BTC is given by representatives of the crypto industry against the backdrop of the weakening of the coin.
Bitcoin fell: what’s happening
On Monday, November 25, Bitcoin, according to the CoinMarketCap resource, immediately dropped to $92,642. After that, the cryptocurrency corrected. As of the time of writing the review, the coin is trading at $93,722. Let us recall that on November 22, Bitcoin made an unsuccessful attempt to storm the psychologically important level of $100,000. On this day, investors recorded a new absolute maximum value (ATH) of the cryptocurrency – $99,655. After attempting to storm the heights of the coin started to fall in price.
In GlassNode thinkthat the cryptocurrency has come under sell-off pressure from long-term investors. According to analysts, coins are most actively sold by market participants who purchased bitcoins 6-12 months ago. The reason for taking profits was the recent growth of BTC, which allowed many investors to realize their planned goals.
According to coinglassthe total volume of liquidations on the market in 24 hours exceeded $520 million. Of this, over $145 million was in Bitcoin. Liquidation of positions could accelerate the BTC sell-off.
Another pressure factor could be the outflow of funds from exchange-traded Bitcoin funds. According to sosovalueBTC-ETF losses for the day amounted to $438.38 million.
What do investors expect from BTC?
Some market participants fear the sell-off will continue. For example, trader Bob Lucas sees prerequisites for BTC to decline to the range of $86 – $88 thousand if the coin does not rebound from current levels in the near future.
Similar Bitcoin forecast gave analyst Mark Cullen. He believes that BTC will continue to dive if the coin does not rebound soon. The analyst’s negative scenario does not exclude Bitcoin’s descent to $86 thousand. At the same time, a rebound, in his opinion, could open the way for BTC to update its maximum above $100 thousand before the end of the month.
Doctor Profit analyst, in turn, believesthat the correction after the attempt to storm $100,000 will not stop Bitcoin. He suggested that from the point of view of the psychology of market cycles, BTC is now in a phase of “disbelief.” It is characterized by the loss of investors’ hopes for continued growth, despite the promising prospects of the asset. According to the analyst, the “disbelief” will be followed by the next attempt to storm $100,000, which may be successful.
At the same time, Doctor Profit, like Bob Lucas, does not exclude a short-term descent to $86 thousand. In this region, he said, he plans to add long positions.
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Source: Cryptocurrency
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