As a seasoned researcher with a background in financial markets and a keen interest in cryptocurrencies, I find myself constantly intrigued by the dynamic nature of Bitcoin’s price movements. Over the years, I’ve seen my fair share of market volatility, but none quite as dramatic as what we’re witnessing with BTC at the moment.
The price of Bitcoin (BTC) rose by 7.99% in the past week to reach a new all-time high of $99,655 on November 22. Thereafter, the maiden cryptocurrency has experienced a slight retracement in the past 48 hours falling to around $98,200. However, speculations of a major price correction continue to emerge considering BTC’s impressive price rally over the past seven weeks.
Why Bitcoin Must Move Above $100,535 – Analyst
On November 23rd, Ali Martinez posted an insightful prediction about Bitcoin’s possible price fluctuations. This well-known crypto analyst believes that the TD Sequential, a tool used to identify potential price reversals, has shown a sell signal on Bitcoin’s 12-hour chart, implying an upcoming decrease in value.
Martinez’s recent prediction agrees with common assumptions that Bitcoin could experience a price adjustment due to its substantial 61.76% surge from $60,500 in early October. This perspective is based on several trading measures and signs. For instance, Bitcoin’s Relative Strength Index consistently indicates an overbought state, which might lead to an unexpected drop in price.
In addition, my colleague Maartunn indicates that the Bitcoin Fear & Greed Index has reached a 4.5-year peak of 94. Typically, when this index surpasses 75, it signals intense greed among investors, which is highly optimistic but also suggests potential overvaluation leading to substantial price adjustments.
What’s worth noting here is that Maartun mentions an alarming trend among Bitcoin traders: their unrealized profits have climbed up to 57%, nearing the March 2024 high of 69%. This proximity to the previous peak increases the likelihood of a price adjustment or correction.
As suggested by Ali Martinez, if Bitcoin experiences the predicted correction based on the TD Sequential and other indicators, it may drop to approximately $91,583. Under heavy selling pressure, Bitcoin might even fall further to around $85,610, which represents a potential decrease of about 12.64% from its current market value.
While Martinez suggests that Bitcoin might nullify the sell signal given by the TD Sequential and prevent a significant correction by closing above $100,535 on the 12-hour daily chart, it’s reasonable to think that, due to recent Bitcoin price fluctuations and events like the anticipation surrounding Donald Trump’s election win as well as increased ETF investments, an ongoing uptrend is highly likely.
BTC Price Overview
Yesterday, I noticed that according to CoinMarketCap, Bitcoin’s current trading price stands at approximately $98,213, representing a minor 0.44% decrease compared to the previous day. Simultaneously, the daily trading volume for this asset dropped by a substantial 43.14%, now valued at around $44.02 billion. However, it’s important to remember that despite this short-term decline, Bitcoin has still shown a considerable 45.06% increase over the past month for long-term investors. With a market capitalization of an impressive $1.95 trillion, it continues to hold its position as the world’s most valuable digital asset.
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2024-11-24 16:11