🚀 Crypto Bitcoin Dips Below $93K After 45% Rally, How Low Will BTC Go?

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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, Bitcoin remains up almost 40% so far this month.

Crypto market analysts have been weighing in on how low it will dip during this pullback.

Saylor Buys, Bitcoin Dumps​

The dip follows another big purchase by Michael Saylor’s MicroStrategy, which scooped up a whopping 55,500 BTC worth around $5.4 billion on Nov. 25.

“Saylor just bought $5.4B of Bitcoin, ETFs continue to accumulate, who is selling that we’re still below 100k?” asked analyst and advisor “Mags.”

“Kinda feels like Saylor really wanted to break $100k and failed, and now the market is just waiting for him to buy more,” said analyst ‘DonAlt.’

Bitcoin pioneer Adam Back also questioned the move: “Confusing indeed, a puzzler what lettuce hands are selling Bitcoin in volume below $100k … just why at this stage in the market.”

Bloomberg’s 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.

I see a lot of CT baffled/frustrated as to how Saylor can buy $5b of btc but price doesn’t move up- which is same thing I hear sometimes about ETFs after big flows. Here’s data showing what I’ve long been saying: the call is coming from inside the house, it’s long term hodlers. https://t.co/tvQsXvWV0U

— Eric Balchunas (@EricBalchunas) November 25, 2024

On Nov. 25, analyst James Check reported that long-term holders had distributed $60 billion worth of supply in the last 30 days, adding:

“This is the heaviest profit-taking we have seen so far this cycle.”

Price corrections are perfectly natural market movements – price doesn’t move in a straight line. Analyst ‘Rekt Capital’ 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.

In the 2013 cycle, it took 6 weeks of upside into Price Discovery before #BTC experienced its first major correction in Week 7

In the 2017 cycle, it took 7 weeks of upside into Price Discovery before a first major retrace of -34% in Week 8

In the 2020/2021 cycle, $BTC rallied 6…

— Rekt Capital (@rektcapital) November 25, 2024

Elsewhere on Crypto Markets​

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.

Other altcoins continuing to gain momentum include XRP, Avalanche (AVAX), Uniswap (UNI), and Internet Computer (ICP).

However, the total market cap had dipped to $3.4 trillion due to Bitcoin’s dominance dragging it down.

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