{"id":18949,"date":"2024-11-27T12:58:00","date_gmt":"2024-11-27T10:58:00","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoins-current-dip-seen-as-prelude-to-100000-surge\/"},"modified":"2024-11-27T12:58:00","modified_gmt":"2024-11-27T10:58:00","slug":"bitcoins-current-dip-seen-as-prelude-to-100000-surge","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoins-current-dip-seen-as-prelude-to-100000-surge\/","title":{"rendered":"Bitcoin&#8217;s Current Dip Seen as Prelude to $100,000 Surge"},"content":{"rendered":"<p>The recent decline of Bitcoin to $93,000 is expected to be short-lived, with prices still on track to reach six figures by the year&#8217;s end, according to trader Bluntz Capital.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">likely thats the pullback done on <a href=\"https:\/\/twitter.com\/hashtag\/btc?src=hash&#038;ref_src=twsrc%5Etfw\">#btc<\/a> here, i think up from here and its aint going as low as ppl think <a href=\"https:\/\/t.co\/pVeiFZzVC4\">pic.twitter.com\/pVeiFZzVC4<\/a><\/p>\n<p>\u2014 Bluntz (@Bluntz_Capital) <a href=\"https:\/\/twitter.com\/Bluntz_Capital\/status\/1861185312862675155?ref_src=twsrc%5Etfw\">November 25, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Further growth is expected, and it won&#8217;t fall as low as people think,&#8221;<\/em> the expert wrote.<\/p>\n<\/blockquote>\n<p>This view is shared by K33 Research. Analysts <a href=\"https:\/\/cointelegraph.com\/news\/analysts-see-final-flush-before-100k-rush-bitcoin\">linked<\/a> the pullback to Bitcoin&#8217;s tendency to weaken towards the end of the month.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Bitcoin is consolidating ahead of the long Thanksgiving weekend [November 28], as traders anticipate a drop in implied volatility. [\u2026] We remain confident that the price will surpass $100,000 in the coming weeks and maintain a bullish outlook for 2025,&#8221;<\/em> they added.<\/p>\n<\/blockquote>\n<p>Charlie Sherry from BTC Markets described the correction to $93,000 as &#8220;healthy&#8221; within the historical model of sharp growth.<\/p>\n<p>According to him, such pullbacks &#8220;demonstrate a cyclical pattern that allows the market to consolidate gains and reduce leverage before further advancement.&#8221; The expert views the decline as the final push before reaching a six-figure level.<\/p>\n<p>The specialist suggested that the correction could deepen (closer to $80,000), which would still fit within the &#8220;behavior of the previous bull run.&#8221;<\/p>\n<h2 class=\"wp-block-heading\"><strong>Factors Behind the Decline<\/strong><\/h2>\n<p>According to CryptoQuant, in the past 30 days, holders have offloaded 728,000 BTC (~$68 billion), marking a reversal after purchasing 250,000 BTC in October. The pace is the highest since April.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Long-term holders have offloaded 728,000 <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> in the past 30 days.<\/p>\n<p>This marks the highest sell-off since April. <a href=\"https:\/\/t.co\/oWqqgIUeSR\">pic.twitter.com\/oWqqgIUeSR<\/a><\/p>\n<p>\u2014 CryptoQuant.com (@cryptoquant_com) <a href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/1861467958851289158?ref_src=twsrc%5Etfw\">November 26, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Standard Chartered explained the retreat of the leading cryptocurrency as a result of its diminished appeal as a hedge for <span data-descr=\"traditional finance\" class=\"old_tooltip\">TradFi<\/span> investors amid a decline in the term premium for US government bonds.<\/p>\n<p>Analysts noted that increased confidence in US Treasury bonds could reduce Bitcoin&#8217;s attractiveness in the short term, contributing to its price decline.<\/p>\n<p>The upcoming expiration of monthly options will also have an impact. According to Deribit, contracts for 18,000 BTC with strikes ranging from $85,000 to $100,000 will expire at the end of the week, which could lead to &#8220;price stagnation.&#8221;<\/p>\n<p>The long-term prospects for digital gold remain unchanged \u2014 Standard Chartered confirmed a forecast of $125,000 by the end of December, with growth to $200,000 by the end of 2025.<\/p>\n<p>This is supported by continued coin purchases by MicroStrategy (MSTR) and investors through ETFs.<\/p>\n<p>On November 26, outflows from spot exchange-traded funds based on digital gold slowed from $438.4 million <a href=\"https:\/\/sosovalue.com\/assets\/etf\/us-btc-spot\">to $122.8 million<\/a>.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-1325.webp\" alt=\"1-1325\" class=\"wp-image-246159\"\/><figcaption class=\"wp-element-caption\">Data: SoSoValue.<\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The average purchase price of ETFs and MSTR since the elections is $88,700. This could be a short-term bottom. Prices may consolidate in the range of $85,000 to $88,700 before resuming an upward trajectory,&#8221;<\/em> concluded analysts.<\/p>\n<\/blockquote>\n<p>Pantera Capital has forecasted Bitcoin&#8217;s rise to $740,000.<\/p>\n<p>Earlier, Bernstein identified catalysts for the first cryptocurrency&#8217;s price increase to $200,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The recent decline of Bitcoin to $93,000 is expected to be short-lived, with prices still on track to reach six figures by the year&#8217;s end, according to trader Bluntz Capital. likely thats the pullback done on #btc here, i think up from here and its aint going as low as ppl think pic.twitter.com\/pVeiFZzVC4 \u2014 Bluntz [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1146,1205,569,1167,1145,1150,1347],"class_list":["post-18949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-market-forecasts","tag-cryptoquant","tag-etf","tag-k33","tag-market-analysis","tag-news-plus","tag-standard-chartered-plc"],"aioseo_notices":[],"amp_enabled":true,"views":"6","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=18949"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18949\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/18948"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=18949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=18949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=18949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}