Bitcoin Price Prediction after Bearish Drop to $95K
Bitcoin is plummeting after selling pressure increases sharply this week, bringing the price below $100K for the first time in months.
Quick overview
- A massive selloff has led to $658 million in cryptocurrency being liquidated as Bitcoin drops to nearly $95,000, its lowest point since May.
- Bitcoin has lost 4% in the last 24 hours, causing panic among investors and increased volatility in the cryptocurrency market.
- Despite some pro-crypto actions from President Trump, selling pressure is primarily coming from the U.S., leading to declining confidence in Bitcoin.
- There is potential for Bitcoin to recover quickly, with November and December historically being strong months for cryptocurrency investments.
$658 in cryptocurrency has been liquidated during a massive selloff prompted by Bitcoin (BTC) dropping to nearly $95,000. This marks the coin’s lowest point since May of this year.
Bitcoin is now down to $95,894 (BTC/USD) after one of its sharpest drops for the entire year. The coin lost 4% over the last 24 hours as investors panicked and sold their coins rapidly. This selloff followed several weeks of increased volatility for the cryptocurrency market.
BTC/USD
Now with the coin below $100K, it is at a critical level where investors may buy up during the dip. At the same time, confidence in Bitcoin will decline as investors fear further instability and loss of value.
Very High U.S. Selling Pressure
Investors should note that most of the selling pressure is coming from the United States, despite President Donald Trump’s campaign promises that he would be a pro-crypto President. He made good on some of those promises already by establishing a Bitcoin reserve and pushing forward the GENIUS Act that eases the buying and trading of stablecoins, but there has been little support for Bitcoin and the wider crypto market outside of those moves.
What was supposed to be a banner year for Bitcoin in particular has resulted in a late-year price level that is only 7.3% above where it started. Many investors have lost confidence in Bitcoin and its ability to hit some of the incredibly high price points that were predicted early on in the year. After the coin spiked when Trump was elected President, many analysts expected a price of $150K or higher before the year was up.
We do expect Bitcoin to recover its gains quickly, though. The very low price level currently creates an opportunity for investors to buy the coin cheap. While the decline also puts whales in a bad place, they may survive the bear market if they hold steady. Michael Saylor, who has become one of the top Bitcoin investors through his company Strategy, has been asked about how the extremely low price of Bitcoin now affects his company’s value, and he is not the only whale investor under intense scrutiny as the market contracts.
November and December tend to be very good months for cryptocurrency. While we do not expect another event this year on par with the U.S. presidential election to help boost the market, end-of-year investments should help push Bitcoin higher and could still propel it to our previous predicted high of $130K before the year is up.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Save