Bitcoin: Market Analysis and Expected Price Correction

user avatar

by Giorgi Kostiuk

2 years ago

Bitcoin recently reached a historic peak of $93,250 and is currently trading near $88,800. Analysts anticipate a potential price correction influenced by market factors and political activities.

Current Bitcoin Market Situation

Since November 5th, Bitcoin has seen an impressive increase of over 39%, reaching a maximum value of $93,250. However, the current price is about $88,800, indicating a minor setback.

CME Gaps Analysis and Potential Decline

Market analyst Quinten Francois suggests the possibility of a deeper correction that could lead prices below $80,000 due to a substantial CME gap. CME gaps occur due to price differences between the close of one trading day and the open of the next. Francois identifies a gap at $78,000, signaling a potential 12% retracement.

Political Factors Influencing the Market

Political events also impact the Bitcoin market. Donald Trump's electoral win on November 5th is seen by many as a catalyst for the current surge. In his campaign, Trump emphasized the growth of digital assets, planning to designate Bitcoin as a strategic reserve asset for the U.S. Pro-crypto Senator Cynthia Lummis supported this initiative, proposing the 'Bitcoin Act' aimed at increasing U.S. reserves to 1 million coins.

Analysts forecast a potential extended bullish trend for the period leading up to 2026-2027 but warn that an unaddressed CME gap may cause additional volatility in the future.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Coinbase Launches Integrated Services for Token Issuers

On November 5, Coinbase launched a new integrated platform for token issuers, offering services from sales to custody, aiming to streamline operations and reduce reliance on multiple providers.

user avatarBayarjavkhlan Ganbaatar

Canary Staked INJ ETF Now Trading on Nasdaq

The Canary Staked INJ ETF began trading on Nasdaq under the ticker INJC on November 5, offering exposure to the Injective token and staking rewards.

user avatarMohamed Farouk

Nigeria's Central Bank Unveils New Regulations for Virtual Assets

On November 5, 2023, Nigeria's Central Bank announced a new licensing framework for non-security virtual assets, including stablecoins, aimed at enhancing consumer protection and financial system integrity.

user avatarElias Mukuru

US Economy Adds 165,000 Jobs in October

The Bureau of Labor Statistics reported that the US economy added 165,000 jobs in October, with the unemployment rate stable at 4.1%, complicating expectations for quick monetary easing by the Federal Reserve.

user avatarDiego Alvarez

TeraWulf Announces Major Contracts and Future Plans

TeraWulf has secured significant contracts, including a 20-year lease with Anthropic and a credit backstop from Google, signaling strong future revenue potential.

user avatarKenji Takahashi

TeraWulf Reports Significant Shift in Revenue Sources

TeraWulf's third-quarter earnings reveal a major transition towards high-performance computing, with HPC lease revenue making up 83% of total revenue.

user avatarMaria Fernandez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.