Bitcoin Could Flip $100k or Dip to $80k. Here is Why
In the past 24 hours, BTC has decreased by 0.86%, trading at $91,274, with a daily high of $92,596 and a low of $89,393.
CryptoQuant CEO Ki Young Ju noted that 99.3% of Bitcoin UTXOs are currently in profit, characterizing the market as euphoric, a phase he suggests typically lasts 3-12 months (except November 2021’s bull trap).
“This started 2 weeks ago. Shorting now could be either catching the top—or shorting at the bottom of a parabolic bull run,” he says
However, In the past 24 hours, BTC has decreased by 0.86%, trading at $91,274, with a daily high of $92,596 and a low of $89,393.
Bitcoin on-chain metrics and market sentiment indicated a potential 10% correction, pushing the price down to $80,000. Bitcoin faces key support levels between $85,800 and $83,250, and another between $75,520 and $72,880.
Additionally, an anticipated price correction is likely, exacerbated by the current extreme greed reading on the Crypto Fear & Greed Index, which often precedes profit-taking activity in the market.
Bitcoin Grapples With Geopolitical Pressure
On November 19th, 2024, Russian President Vladimir Putin issued a decree authorizing the potential use of nuclear weapons against a non-nuclear state if that state receives military support from nuclear-armed nations.
Notably, the decree interprets any attack by a member of a military alliance as an attack on the entire alliance, justifying a nuclear response from Russia.
Global stock markets experienced a sudden shift which erased recent gains and triggered panic selling. This reversal followed President Biden’s approval of Ukrainian missile strikes within Russia, undermining President-elect Trump’s efforts to mediate peace between the two nations.
The cryptocurrency market concurrently suffered a significant sell-off, with liquidations of long positions reported by Coinglass. Bitcoin (BTC) and Ethereum (ETH) declined by approximately 0.5%, while altcoins such as XRP, Dogecoin (DOGE), and Cardano (ADA) experienced losses exceeding 1% within an hour. Recent high-performing cryptocurrencies, including PNUT, RAY, XTZ, and AKT, led the decline, with PNUT falling 5% to $1.68.
Nonetheless, the negative trend extended to US stock futures, with the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite futures all decreasing, mirroring the European market’s performance. Pre-market trading saw Coinbase stock drop 3% to $315.50 and MicroStrategy (MSTR) fall 1.31% to $379.76.
