Bitcoin Price Target Hits $90K After 3% Dip Sparks Liquidations
Bitcoin has seen a bit of a tumble recently, dropping over 3% on November 25th and causing some concern among traders. The price of BTC fell to lows of $94,600 on Bitstamp, sparking a bit of chaos in the market. Even with some positive news about a potential ceasefire between Israel and Hezbollah, Bitcoin struggled to find support and bounced around below $96,000.
Despite the dip, United States equities seemed to be holding steady. Business intelligence company MicroStrategy made headlines by purchasing $5.5 billion worth of Bitcoin in the week leading up to November 24th, a move that usually signals a downside for the market.
In response to the market volatility, experts like Material Indicators are taking a longer-term view, suggesting that Bitcoin may find support in the $89k – $91k range. Liquidation levels on global exchange Binance have been closely monitored, with total cross-crypto liquidations estimated at around $430 million over the past 24 hours.
While predictions of Bitcoin hitting $100,000 this month have decreased, the odds of reaching that milestone before 2025 still remain relatively high. Betting platform Kalshi puts the chances at 42% for the end of November, compared to 85% just a couple of days prior.
It’s important to remember that all investments and trading moves come with risk, so it’s crucial to do your own research and make educated decisions when navigating the cryptocurrency market. Stay calm, observe the market trends, and be prepared for the ups and downs that come with investing in Bitcoin.
