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 back towards $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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