Bitcoin

April

Drops

<p>Bitcoin has been experiencing its price dropping 8.2% since last Friday after hitting an all time high of $99,800 the same day. Now, the crypto is trading at $92,226, leaving traders and investors wondering if the precious $100,000 will ever be reached or if it’s just a fairy tail.</p> 
<h2 class="wp-block-heading" id="what-analysts-are-saying">What Analysts Are Saying</h2> 
<p>The crazy pullback has become a talk among analysts. For instance, Crypto Analyst AlphaBTC sees $93,000 as a key level, saying, “Bitcoin just did a sneaky dip below the trendline, tickling the 93k support.” AlphaBTC believes if bitcoin falls under $90,000, it could slide to $85,000, but he remains optimistic “100K+ is still on the table this week!” he said.</p> 
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  <img decoding="async" width="1600" height="872" src="https://www.cryptotimes.io/wp-content/uploads/2024/11/Bitcoin-Price-Analysis-Chart.png" alt="Bitcoin Price Analysis Chart" class="wp-image-217769" srcset="https://www.cryptotimes.io/wp-content/uploads/2024/11/Bitcoin-Price-Analysis-Chart.png 1600w, https://www.cryptotimes.io/wp-content/uploads/2024/11/Bitcoin-Price-Analysis-Chart-420x229.png 420w, https://www.cryptotimes.io/wp-content/uploads/2024/11/Bitcoin-Price-Analysis-Chart-860x469.png 860w" sizes="(max-width: 1600px) 100vw, 1600px">
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   Source: <a href="https://x.com/mark_cullen/status/1861269982006444074" target="_blank" rel="noreferrer noopener nofollow">X</a>
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<p>Another analyst, Crypto Rover, <a href="https://x.com/rovercrc/status/1861314446624465406" target="_blank" rel="noreferrer noopener nofollow">agrees with the sentiment</a>. He highlighted the importance of Bitcoin staying above a key trendline, calling it “the most important support line for Bitcoin right now.” In short, losing this level, could trigger further selling.</p> 
<p>Michael van de Poppe, the founder of MN Capital, shares the same thought, suggesting Bitcoin might dip to $85,000-$90,000 range as a “sweet spot” for buyers to jump in before Bitcoin gains steam again. He’s confident Bitcoin could still break $100,000 in the next two weeks.</p> 
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  <img decoding="async" width="1600" height="852" src="https://www.cryptotimes.io/wp-content/uploads/2024/11/Michael-van-de-Poppe-of-MN-Capital-suggests-Bitcoin.png" alt="Michael van de Poppe of MN Capital suggests Bitcoin may dip to $85K-$90K" class="wp-image-217772" srcset="https://www.cryptotimes.io/wp-content/uploads/2024/11/Michael-van-de-Poppe-of-MN-Capital-suggests-Bitcoin.png 1600w, https://www.cryptotimes.io/wp-content/uploads/2024/11/Michael-van-de-Poppe-of-MN-Capital-suggests-Bitcoin-420x224.png 420w, https://www.cryptotimes.io/wp-content/uploads/2024/11/Michael-van-de-Poppe-of-MN-Capital-suggests-Bitcoin-860x458.png 860w" sizes="(max-width: 1600px) 100vw, 1600px">
  <figcaption class="wp-element-caption">
   Source: <a href="https://x.com/CryptoMichNL/status/1860964217236365763" target="_blank" rel="noreferrer noopener nofollow">X</a>
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<h2 class="wp-block-heading" id="what-s-behind-the-drop">What’s Behind the Drop?</h2> 
<p>Bitcoin’s trading volume hit $94.84 billion in the past day, showing just how active the market has been during this downturn.&nbsp;</p> 
<p>According to <a href="https://app.intotheblock.com/coin/BTC/" target="_blank" rel="noreferrer noopener nofollow">IntoTheBlook</a>, over 511,390 wallets bought 268,370 BTC between $89,000 and $92,000, signaling strong buying interest. But analysts caution: if Bitcoin loses this support zone, prices could slide further.</p> 
<p>Meanwhile, Bitcoin ETFs, which have played a huge role in this year’s price action, are showing conflicting trends. Over the past 24 hours, BlackRock’s IBIT ETF saw an inflow of $267.8 million, but Bitwise’s BITB ETF lost $280.7 million in outflows. Overall, Bitcoin ETFs recorded a net outflow of $435.3 million in the last 24 hours, according to <a href="https://sosovalue.com/assets/etf/us-btc-spot" target="_blank" rel="noreferrer noopener nofollow">SoSoValue</a>.</p> 
<h2 class="wp-block-heading" id="why-are-sellers-cashing-out">Why Are Sellers Cashing Out?</h2> 
<p>Long-term Bitcoin holders are taking profits after the recent rally, selling at levels not seen since April 2024.&nbsp;</p> 
<p>According to a <a href="https://x.com/glassnode/status/1861071884831363118" target="_blank" rel="noreferrer noopener nofollow">recent tweet</a> from Glassnode, these holders offloaded 366,000 BTC over the past month, with six- to twelve-month holders selling 25,600 BTC daily. This increased selling pressure has added to the recent slide.</p> 
<p>Meanwhile, this price has drawn comparison to what happened in previous market cycles in 2013, 2017 and 2021 when bitcoin saw a sharp gain followed by a pullback. While bearish analysts warn of a potential plunge to $70,500, most agree the $85,000-$90,000 range is a crucial battleground. If buyers step up here, Bitcoin might still reach the much-anticipated $100,000 milestone soon.</p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <p>Also Read: <a href="https://www.cryptotimes.io/2024/11/26/u-s-customs-holds-bitmain-asic-shipments-of-bitcoin-miners/" target="_blank" rel="noreferrer noopener">U.S. Customs Holds Bitmain ASIC Shipments of Bitcoin Miners</a></p> 
</blockquote>

Bitcoin Drops Below $93K: Can It Still Reach $100K?

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