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min reading ▪ by
Fenelon L.
Bitcoin is going through a phase of turbulence marked by a significant drop in its price, triggering massive liquidations on the market. While analysts are revising their targets downwards, some experts are now anticipating a return to around $90,000.
Bitcoin falls below $92,000
The crypto market experienced a major shock this Monday on the financial market. Bitcoin crashed as low as $92,600, marking a fall of more than 3% in just a few hours of trading.
This correction comes after several unsuccessful attempts to cross the symbolic $100,000 mark, despite initially favorable market conditions.
The extreme volatility caused a cascade of liquidations reaching $430 million across the entire crypto market in 24 hours, particularly affecting long positions. Some experts now anticipate a return to around $90,000.
Positive external developments, notably rumors of a possible ceasefire between Israel and Hezbollah, were not enough to stem the decline. Even more surprising, the announcement of a massive $5.5 billion purchase of bitcoin by MicroStrategy failed to reverse the downward trend.
The outlook is darkening for the short term
The odds of reaching $100,000 before the end of November have collapsed, going from 85% to just 42% according to the Kalshi betting platform. This sharp drop in expectations reflects the radical change in investor sentiment regarding the current correction.
Material Indicators, a benchmark in technical analysis, now suggests a price range between $89,000 and $91,000 as the next likely support. This projection is based on the analysis of liquidity levels visible on Binance, the largest global exchange platform.
Despite this technical decline, the longer-term outlook remains optimistic, with a 75% probability of reaching $100,000 before 2025 and 2.5 trillion marketcap before January.
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Fenelon L.
Passionate about Bitcoin, I like to explore the intricacies of blockchain and cryptos and I share my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER
The comments and opinions expressed in this article are those of the author alone, and should not be considered investment advice. Do your own research before making any investment decisions.
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