Will Bitcoin Slip Below $90K? Crypto Analysts Debate

 
Rajpalsinh Parmar
Written By 
Rajpalsinh Parmar
November 29, 2024
Bitcoin falls 90k

While Bitcoin enjoys bullish momentum, Ali, the crypto analyst on X has responded to “chatter” about Bitcoin dropping below $90k by referring the Bitcoin’s historical data.

Some Analysts Believe Bitcoin Could Drop Below $90k

There’s a buzz in the market that Bitcoin could take an unexpected turn despite its 35% hike in a month. Crypto analyst, Rekt Capital writes on X that Bitcoin has been consistently closing below a one-week trendline. According to the analyst, this trendline is a crucial resistance point. If Bitcoin closes above it, it could push the price toward $100,000.

If Bitcoin fails to break through this level, it could lead to another rejection. For seven consecutive days, Bitcoin closed around $95,300, and to break this pattern, Bitcoin needs to close above $97,000 on Thursday. The analyst warned that as long as this trendline remains resistance, Bitcoin could face further rejections and possibly drop to lower price levels. 

Nevertheless, Bitcoin is currently trading around $98,286.35 with a staggering market cap of $1.95 trillion with the euphoria of Black Friday.  

To counter this claim, Rekt has pointed out that the average mining cost for Bitcoin currently stands at $90,524. Historically, during a bull market, Bitcoin has never fallen below its mining cost. It means the mark could serve as strong . 

The analyst highlighted the growing expectation of a pullback after Bitcoin reclaimed the $95,000 mark. This resurgence shows how frequently it is mentioned across the crypto community. 

Ali states in a thread, “Everyone’s anticipating a pullback after #Bitcoin $BTC reclaimed $95,000 — just look at how often it’s mentioned. But markets often move against the crowd’s expectations. Don’t be surprised if #BTC pushes even higher!”

Also Read: Bitcoin Reserve Controversy: Zelensky Wants Funds Instead Of Reserves

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Rajpalsinh Parmar
Written by Rajpalsinh Parmar

Rajpalsinh is a crypto journalist with over three years of experience and is currently working with CryptoNewsZ. Throughout his journey, he has honed skills like content optimization and has developed expertise in blockchain platforms, crypto trading bots, and hackathon news and events. He has also written for TheCryptoTimes, where his ability to simplify complex crypto topics makes his articles accessible to a wide audience. ionate about the ever-evolving crypto space, he stays updated on industry trends to provide well-researched insights. Outside of work, gaming serves as his stress buster, helping him stay focused and refreshed for his next big story. He is always eager to explore new blockchain innovations and their potential impact on the global financial ecosystem.