Bitcoin prices dumped to a six-day low of $92,775 during early trading on Tuesday in Asia. The widely anticipated correction has taken the asset down almost 7% from its Nov. 22 all-time high of $99,845.<\/p>\n
However, it had already started to bounce back coming just shy of $95,000 in Asian trading on Nov. 26. Moreover, Bitcoin remains up almost 40% so far this month.<\/p>\n
Crypto market analysts have been weighing in on how low it will dip<\/a> during this pullback.<\/p>\n The dip follows another big purchase by Michael Saylor\u2019s MicroStrategy, which scooped up<\/a> a whopping 55,500 BTC worth around $5.4 billion on Nov. 25.<\/p>\n \u201cSaylor just bought $5.4B of Bitcoin, ETFs continue to accumulate, who is selling that we\u2019re still below 100k?\u201d asked<\/a> analyst and advisor \u201cMags.\u201d<\/p>\n \u201cKinda feels like Saylor really wanted to break $100k and failed, and now the market is just waiting for him to buy more,\u201d\u00a0said<\/a> analyst \u2018DonAlt.\u2019<\/p>\n Bitcoin pioneer Adam Back also questioned the move: \u201cConfusing indeed, a puzzler what lettuce hands are selling Bitcoin in volume below $100k \u2026 just why at this stage in the market.\u201d<\/p>\n Bloomberg\u2019s senior ETF analyst Eric Balchunas noted the confusion in the crypto community pointing to on-chain data revealing that it was long-term holders taking profits.<\/p>\n I see a lot of CT baffled\/frustrated as to how Saylor can buy $5b of btc but price doesn\u2019t move up- which is same thing I hear sometimes about ETFs after big flows. Here\u2019s data showing what I\u2019ve long been saying: the call is coming from inside the house, it\u2019s long term hodlers. https:\/\/t.co\/tvQsXvWV0U<\/a><\/p>\n \u2014 Eric Balchunas (@EricBalchunas) November 25, 2024<\/a><\/p>\n\n On Nov. 25, analyst James Check reported<\/a> that long-term holders had distributed $60 billion worth of supply in the last 30 days, adding:<\/p>\n \u201cThis is the heaviest profit-taking we have seen so far this cycle.\u201d<\/p>\n Price corrections are perfectly natural market movements \u2013 price doesn\u2019t move in a straight line.\u00a0Analyst \u2018Rekt Capital\u2019 compared the previous three cycles, observing that Bitcoin was in price discovery for 6-7 weeks before a large correction occurred. It has only been in price discovery for 4 weeks so far during this cycle, which means it could drop further into the high $80k range.<\/p>\n In the 2013 cycle, it took 6 weeks of upside into Price Discovery before #BTC<\/a> experienced its first major correction in Week 7<\/p>\n In the 2017 cycle, it took 7 weeks of upside into Price Discovery before a first major retrace of -34% in Week 8<\/p>\n In the 2020\/2021 cycle, $BTC<\/a> rallied 6\u2026<\/p>\n \u2014 Rekt Capital (@rektcapital) November 25, 2024<\/a><\/p>\n\n The rest of the market appears to be holding up better than Bitcoin at the moment. Ethereum is up 3% on the day at $3,450 but was thwarted by resistance at $3,500 in late trading on Monday.<\/p>\n Other altcoins continuing to gain momentum include XRP<\/a>, Avalanche (AVAX), Uniswap (UNI), and Internet Computer (ICP).<\/p>\n However, the total market cap had dipped to $3.4 trillion due to Bitcoin\u2019s dominance dragging it down.<\/p>\n The post Bitcoin Dips Below $93K After 45% Rally, How Low Will BTC Go?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin prices dumped to a six-day low of $92,775 during early trading on Tuesday in Asia. The widely anticipated correction has taken the asset down almost 7% from its Nov. 22 all-time high of $99,845. However, it had already started to bounce back coming just shy of $95,000 in Asian trading on Nov. 26. Moreover, […]<\/p>\n","protected":false},"author":0,"featured_media":23518,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-23517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/23517"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23517"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/23517\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/23518"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Saylor Buys, Bitcoin Dumps<\/h2>\n
Elsewhere on Crypto Markets<\/h2>\n