- Pioneer crypto asset’s BTC price falls to 5-digit prices.
- Has Bitcoin set a new bottom after the downtrend?
- Will the crypto market now enter a recovery phase?
As predicted by many bearish analysts, the price of BTC finally fell below $100,000 a few hours ago. As BTC price falls to 5-digit prices, analysts scramble to determine if this was the end of the down trend and if the crypto market can rally and recover higher prices or reignite the bull market. In contrast, other long-term bearish analysts are calling for an even deeper price dip in the coming days ahead.
BTC Price Falls to 5-Digit Prices
According to CoinMarketCap analytics, the price of BTC has been on the decline since this week kicked off. Indeed, the month of November has had a bearish start, unlike October, which began bullish and ended bearish. Will November see the opposite of this price action? It’s hard to say, despite analysts reading the charts constantly, hoping for any signs of a bullish recovery.
In detail, the new week kicked off with the price of BTC falling to below the $110,000 price range, hitting $107,000, then $104,000, and now, falling below $100,000. Earlier today, the price of BTC dropped as low as $98,000, as a handful of analysts predicted. Now, the question is, are more dips expected, or has Bitcoin set a new bottom here before surging back up to higher prices and restoring a bullish market?
Some analysts believe a greeted dip may occur, possibly to the lower end of the $90,000 price range, before a recovery can come into play. Others state that the bear market has begun as the 4-year bull cycle has come to an end, which means no more bullish expectations. In contrast, a few believe the 4-year bull cycle is no longer in play and that the crypto market will shift to a new blueprint, possibly a year-long cycle like stocks.
Has Bitcoin Bottomed and Heading Into a Recovery?
According to one analyst, this latest dip to the $98,000 price range was expected. In detail, the analyst called for a drop in prices between the $94,000 and $100,000 price range. This expectation has now come to pass. This would mark the analyst’s third accurate prediction this bull cycle.
As he confirms in the post above, the analyst recaps all his accurate predictions so far. The analyst also predicted $130,000 ATH, which only went as far as $126,000. Most recently, he called for a price between $94,000 and $100,000 by the end of the year. He encourages traders to keep a vigilant eye and says that his predictions won’t always be true. He also predicts $150,000 to $200,000 later on. Can BTC recover and surge higher?
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