2024

Internet Computer

Bitcoin

Adam Back

Bitcoin prices dumped to a six-day low of $92,775 during early trading on Tuesday in Asia. The widely anticipated correction has taken the asset down almost 7% from its Nov. 22 all-time high of $99,845.
However, it had already started to bounce back coming just shy of $95,000 in Asian trading on Nov. 26. Moreover, Bitcoin remains up almost 40% so far this month.
Crypto market analysts have been weighing in on how low it <a href="https://cryptopotato.com/100k-mission-impossible-bitcoin-btc-price-suddenly-slumps-below-95k/" data-wpel-link="internal" rel="noopener noreferrer nofollow">will dip</a> during this pullback.
<h2 id="saylor-buys-bitcoin-dumps">Saylor Buys, Bitcoin Dumps</h2>
The dip follows another big purchase by Michael Saylor’s MicroStrategy, which <a href="https://cryptopotato.com/microstrategy-breaks-its-own-record-another-massive-purchase-for-55500-btc-worth-5-4b/" data-wpel-link="internal" rel="noopener noreferrer nofollow">scooped up</a> a whopping 55,500 BTC worth around $5.4 billion on Nov. 25.
<blockquote>
 “Saylor just bought $5.4B of Bitcoin, ETFs continue to accumulate, who is selling that we’re still below 100k?” <a href="https://x.com/Crypto_Mags/status/1861054443091038415" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">asked</a> analyst and advisor “Mags.”
 “Kinda feels like Saylor really wanted to break $100k and failed, and now the market is just waiting for him to buy more,”&nbsp;<a href="https://x.com/CryptoDonAlt/status/1861086456283816119" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">said</a> analyst ‘DonAlt.’
</blockquote>
Bitcoin pioneer Adam Back also questioned the move: “Confusing indeed, a puzzler what lettuce hands are selling Bitcoin in volume below $100k … just why at this stage in the market.”
Bloomberg’s senior ETF analyst Eric Balchunas noted the confusion in the crypto community pointing to on-chain data revealing that it was long-term holders taking profits.
<blockquote class="twitter-tweet">
 I see a lot of CT baffled/frustrated as to how Saylor can buy $5b of btc but price doesn’t move up- which is same thing I hear sometimes about ETFs after big flows. Here’s data showing what I’ve long been saying: the call is coming from inside the house, it’s long term hodlers. <a href="https://t.co/tvQsXvWV0U" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/tvQsXvWV0U</a>
 — Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1861158223979454468?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">November 25, 2024</a>
</blockquote>
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On Nov. 25, analyst James Check <a href="https://x.com/_Checkmatey_/status/1860796465037373690" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">reported</a> that long-term holders had distributed $60 billion worth of supply in the last 30 days, adding:
<blockquote>
 “This is the heaviest profit-taking we have seen so far this cycle.”
</blockquote>
Price corrections are perfectly natural market movements – price doesn’t move in a straight line.&nbsp;Analyst ‘Rekt Capital’ compared the previous three cycles, observing that Bitcoin was in price discovery for 6-7 weeks before a large correction occurred. It has only been in price discovery for 4 weeks so far during this cycle, which means it could drop further into the high $80k range.
<blockquote class="twitter-tweet">
 In the 2013 cycle, it took 6 weeks of upside into Price Discovery before <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#BTC</a> experienced its first major correction in Week 7
 In the 2017 cycle, it took 7 weeks of upside into Price Discovery before a first major retrace of -34% in Week 8
 In the 2020/2021 cycle, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> rallied 6…
 — Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1861101519073841355?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">November 25, 2024</a>
</blockquote>
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<h2 id="elsewhere-on-crypto-markets">Elsewhere on Crypto Markets</h2>
The rest of the market appears to be holding up better than Bitcoin at the moment. Ethereum is up 3% on the day at $3,450 but was thwarted by resistance at $3,500 in late trading on Monday.
Other altcoins continuing to gain momentum include <a href="https://cryptopotato.com/xrp-open-interest-reaches-new-all-time-high-what-does-it-mean-for-ripples-price/" data-wpel-link="internal" rel="noopener noreferrer nofollow">XRP</a>, Avalanche (AVAX), Uniswap (UNI), and Internet Computer (ICP).
However, the total market cap had dipped to $3.4 trillion due to Bitcoin’s dominance dragging it down.
The post <a href="https://cryptopotato.com/bitcoin-dips-below-93k-after-45-rally-how-low-will-btc-go/" rel="noopener noreferrer nofollow">Bitcoin Dips Below $93K After 45% Rally, How Low Will BTC Go?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Bitcoin Dips Below $93K After 45% Rally, How Low Will BTC Go?

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