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The bitcoin is going through a turbulent phase marked by a significant drop in its price, triggering massive liquidations in the market. As analysts revise their targets downwards, some experts now anticipate a return towards 90,000 dollars.
Bitcoin falls below $92,000
The crypto market experienced a major jolt this Monday in the financial markets. Bitcoin plummeted to as low as $92,600, marking a drop of over 3% within a few hours of trading.
This correction comes after several unsuccessful attempts to break the symbolic barrier of $100,000, despite initially favorable market conditions.
Extreme volatility has caused a cascade of liquidations reaching $430 million across the entire crypto market in 24 hours, particularly affecting long positions. Some experts are now anticipating a return to the 90,000 dollar mark.
Positive external developments, including rumors of a possible ceasefire between Israel and Hezbollah, have not been enough to stop the decline. Even more surprisingly, the announcement of a massive purchase of $5.5 billion worth of bitcoin by MicroStrategy failed to reverse the downward trend.
Outlook Darkens for the Short Term
The probabilities of reaching $100,000 before the end of November have collapsed, dropping from 85% to only 42%, according to the betting platform Kalshi. This drastic drop in expectations reflects a radical change in investor sentiment regarding the current correction.
Material Indicators, a reference in technical analysis, now suggests a price range between $89,000 and $91,000 as the next probable support. This projection is based on the analysis of visible liquidity levels on Binance, the world’s largest trading platform.
Despite this technical pullback, the long-term outlook remains optimistic, with a 75% chance of reaching $100,000 before 2025 and $2.5 trillion market cap before January.
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Passionné par le Bitcoin, j’aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l’outil qui peut rendre cela possible.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
