TL:DR;
- Bitcoin’s price has seen better days as the asset failed at $97,500 yesterday and has lost nearly four grand since then.
- This comes on the heels of several analysts predicting a further correction that will potentially drive bitcoin to under $90,000.
Sub-$90K Coming Soon?
The primary cryptocurrency entered uncharted territory once Donald Trump won the US elections nearly a month ago by shooting above $74,000. The following ten days or so were nothing short of spectacular as the asset flew past several other round-numbered milestones and peaked on November 22 at just over $99,800. However, it failed to reach the coveted six-digit territory and was pushed south almost immediately.
Within days, it had dumped to under $91,000, but the bulls came out to play and helped it recover most of its losses. As such, bitcoin jumped above $98,000 last Friday but failed to keep up its momentum and started to lose value gradually.
It faced some enhanced volatility yesterday and went through another correction today. Just hours ago, the cryptocurrency dumped below $94,000 for the first time in almost a week, leaving $580 million in liquidations.
Several well-known crypto analysts expect even more pain for BTC. As summarized by Ali, Sheldon_Sniper and Tone Vays have both warned the community about a potential pullback to below $90,000.
Furthermore, Fundstrat’s Tom Lee, as well as Robert Kiyosaki, anticipate a massive crash that will drive the asset to $60,000. Nevertheless, both remain optimistic about BTC’s long-term potential, with price targets of up to $250,000.
The Opposite More Likely?
Ali further highlighted Santiment data showing that the crowd agrees with the aforementioned warnings, with the number of “BTC pullback” mentions skyrocketing. The analyst said that such predictions cannot be taken lightly but outlined another possibility.
Bitcoin typically heads in the opposite direction of what others expect. As such, Ali noted that the asset could jump a lot higher to $120,000 or even $150,000 before a real massive correction of 30% transpires.
Given the fact that #Bitcoin tends to do the opposite of what the crowd believes, there is potential for $BTC to go higher. If the current cycle behaves like the last two, #BTC could go to $120,000-$150,000 before the first 30% price correction.
— Ali (@ali_charts) December 2, 2024
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