recent Bitcoin price plummets below psychological level of $100,000 Although fueling a new wave of bearish predictions, not everyone is convinced that another drop is imminent. Many traders are expecting a correction to $92,000, but one analyst rejects the idea of a price breakdown and argues that Bitcoin is still in its infancy. upside potential before a major retracement
Why Bitcoin Price Won’t Fall to $92,000
Crypto analyst @YazanXBT has become one of the most vocal detractors of the increasingly popular cryptocurrency. Bitcoin crash target is $92,000. The analyst complained on X social media on November 13th. inform The crypto community claims that BTC is gearing up for an all-time high of $145,000, rather than dropping to $92,000.
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The analyst confirmed his bullish prediction by pointing out that there was a similar moment the last time BTC fell. bear market bottom. He said that at the time, many people were convinced that the price of Bitcoin would fall to $12,000 or even $10,000. But instead, the cryptocurrency presented one of the strongest currencies after bottoming out at $15,800. price recovery Until now. In essence, @YazanXBT’s message suggests that a bearish public consensus is often a signal that the opposite outcome is likely to occur.
In response to his Based on historical behavior, they BTC tends to fill the CME gap Before a new high is reached, it suggests that a crash is imminent. @YazanXBT rejects bearish outlook, reiterates that Bitcoin is much more likely to rise to $145,000 before pulling back CME gap of $92,000.
Specifically, for Bitcoin to skyrocket to $145,000, it would need to break out of its current bearish pressure and rise about 50% from its current level. After watching weeks of surrender Due to the significant price drop, BTC is currently trading just above $96,000 with no obvious signs of a pullback.
Analyst claims BTC crash looks like manipulation
Cryptocurrency market expert @CottonXBT share Detailed price chart. Bitcoin falls below $97,000 this week. Characteristics of chart layout sharp decline And because of the rapid rally, he called the recent price drop potentially a sign of manipulation rather than a true trend reversal.
The analyst emphasized that this type of price action often occurs when large companies try to shake off retail investors before the market can rise again. He urges investors to ignore fear, uncertainty, and doubt (FUD) and buy more BTC.
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Other market watchers as well. interpret Bitcoin decline is a rare opportunity Accumulate less than $100,000. Simon Dixon, CEO and co-founder of online investment platform BnkToTheFuture, urged investors to take advantage of the current low levels, pointing out that they will be getting more BTC in “fiat shitty coins”.
Featured image from Pixabay, chart from Tradingview.com
