As a seasoned researcher who’s witnessed the cryptocurrency market evolve from its infancy to a global financial phenomenon, I can’t help but feel a sense of deja vu when analyzing the current Bitcoin trend. The parallels between the 2013, 2017, and 2020/2021 cycles are striking, and history seems to be repeating itself in some ways. If we follow the historical patterns, a pullback could be imminent, potentially taking Bitcoin down to around $70,500.
Following its record high of $99,600 last Friday, Bitcoin‘s price has dropped to around $94,000 for the first time in nearly a week. This dip occurs as there is growing chatter about an impending correction, given the significant three-week upward trend that resulted in a 40% increase for Bitcoin after Donald Trump’s election on November 5.
Bitcoin Price May Drop To $70,500
Recently, market expert and technical analyst Rekt Capital shared apprehensions on social media platform X (previously Twitter), likening current trends to past price patterns. He emphasized that during the 2013 cycle, the Bitcoin price climbed for six consecutive weeks before reaching a stage called “Price Discovery,” which was followed by its initial significant drop in Week 7.
In a similar fashion to the 2017 trend, a sustained rally lasting seven weeks peaked with a substantial decline of 34% in Week 8. Likewise, in the 2020-2021 period, Bitcoin climbed for six straight weeks before experiencing a notable decrease of 16%. At present, Rekt Capital observes that Bitcoin is on its fourth week of an ongoing uptrend.
According to past trends, there’s a strong possibility that the value of the cryptocurrency could drop and test its lower support levels over the next two to four weeks. This pattern has historically followed a significant decline in value.
Based on historical correction trends, there’s a possibility that the Bitcoin price might dip by approximately 25%, which could lower it to roughly $70,500 – a value last observed on election day.
Who’s Selling Bitcoin?
Amid the ongoing market downturn, data from Glassnode, a leading market intelligence firm in the crypto sphere, suggests that long-term holders (LTHs) have significantly ramped up their selling activity. This increased selling has resulted in a substantial pressure of approximately -366,000 BTC per month, which is the highest level since April 2024.
It appears that data shows the 6 to 12-month investment group is driving the trend among long-term holders, selling about 25,600 Bitcoins each day on average. These investors have taken advantage of the recent Bitcoin price increase, as they initially purchased their coins at an average cost that’s roughly 71% lower than the current market price of around $57,900.
The rising demand to sell within this particular group could indicate a possible change in market trends over the next few days. As Bitcoin reaches record peaks close to $100,000, some investors might decide to cash out instead of continuing to hold during potential market fluctuations.
As I pen this analysis, it’s evident that the most prominent digital currency in circulation is currently exchanging hands for approximately $94,000. Over the past 24 hours, we’ve witnessed a notable dip of nearly 5%.
Currently, the Bitcoin price is seeing growth across various periods of time, but particularly impressive is the 150% increase it has experienced so far this year.
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2024-11-26 10:34