The Bitcoin market's bull run has stalled, raising the question of whether BTC will fall to $90,000 during the current correction.
On November 22, the price of BTC rose to a new all-time high of $99,801, but the asset's value did not reach $100,000 and began to decline. An analyst under the pseudonym Material Indicators explained the emergence of a downward trend in that a powerful resistance barrier has formed in the range from $99,300 to $100,000. To overcome it, traders will have to buy almost $300 million worth of bitcoins.
Another analyst, Crypto Chase, suggested that the BTC rate could fall to $88,736. In his opinion, this level marks the lower boundary of the high demand zone for cryptocurrency, which is unlikely to be broken by bears.
This [a drop in the Bitcoin price to $88] is the best-case scenario for a subsequent breakout of $736. I understand that many will answer me: “Everything will be fine even without a correction.” But the point is that the fewer healthy corrections are observed, the higher the probability of a full-fledged dump in the future. Only up always ends only down, — wrote Crypto Chase.
At the same time, the Fibonacci correction suggests that the price of Bitcoin has little chance of falling even to $90,000. At $92,500, there is a 23,6% Fibonacci level, taking into account the growth of the BTC price during the bull rally that started after Donald Trump's victory in the elections. Therefore, to enter the market, you can open an order to buy coins at the rate of $92,500.
Possible fall in the bitcoin rate
