Bitcoin (BTC) Price Prediction: Why BTC Must Move Above $100,535 to Avoid a Major Correction – Analyst

The price of Bitcoin (BTC) rose by 7.99% in the past week to reach a new all-time high of $99,655 on November 22.

Bitcoin (BTC) price action has been largely bullish in recent weeks, setting new all-time highs and sparking excitement among traders. However, as BTC’s price rally continues, so do speculations of an upcoming price correction.

In this update, we take a closer look at BTC’s technicals and recent price movements, exploring the factors that could determine whether Bitcoin will correct or continue rallying higher. We’ll also be discussing a key price level that, if BTC manages to hold above it, could invalidate the sell signal and keep Bitcoin rallying.

Bitcoin Price Sets New All-Time High, But Could BTC Correct Now?

Bitcoin (BTC) price began the week setting a new all-time high of $99,655 on Monday, November 22. However, BTC’s price has since retraced slightly and is now hovering around $98,200.

Despite the recent pullback, BTC’s price is still up an impressive 7.99% in the past week and 61.76% since early October when BTC’s price was last seen at $60,500. This rally has sparked excitement among traders and had traders discussing the possibility of BTC reaching $100,000 before the month is out.

However, as BTC’s price rally continues, so do speculations of an upcoming price correction. Several technical and on-chain metrics are suggesting that Bitcoin is due for a price pullback after rallying so quickly.

For example, Bitcoin’s Relative Strength Index (RSI) has been continuously in the overbought territory, suggesting potential for a sudden price pullback. Furthermore, the BTC Fear & Greed Index is also at a 4.5-year high of 94.

Generally, any Fear & Greed Index above 75 represents extreme greed among investors, which is overwhelmingly bullish but also presents potential for overvaluation that precedes significant price corrections.

Of more concern, it seems, is that Bitcoin traders’ unrealized profit levels are at 57% and gradually approaching the local peak of 69% in March 2024. This also suggests a potential overextension and potential for price correction.

BTC Price Could Fall To $91,583 If Sell Signal Triggers

According to popular crypto analyst Ali Martinez, if BTC does undergo the correction that the TD Sequential and other factors are suggesting, the crypto market leader could fall as low as $91,583.

Martinez’s analysis suggests that amid strong selling pressure, Bitcoin could further slide to $85,610, indicating a potential 12.64% decline from its current market price.

However, Martinez also notes that BTC could nullify the sell signal by the TD Sequential and avoid a major correction by closing above $100,535 on the 12-hour daily chart.

Considering Bitcoin’s recent price movement and events such as excitement around Donald Trump’s electoral victory and increased ETF inflows, an uptrend continuation is definitely a strong possibility.

After setting a new all-time high on Monday, Bitcoin’s price has retraced slightly and is now showing signs of being overheated. Several technical and on-chain metrics are suggesting that BTC is due for a price pullback after rallying so quickly.

However, one crypto analyst believes that if Bitcoin manages to close above a key price level on the 12-hour chart, the sell signal will be nullified, and BTC will be able to continue rallying higher.

Bitcoin (BTC) price action has been setting new all-time highs and sparking excitement among traders. However, as BTC’s price rally continues, so do speculations of an upcoming price correction.

In this update, we take a closer look at BTC’s technicals and recent price movements, exploring the factors that could determine whether Bitcoin will correct or continue rallying. We’ll also be discussing a key price level that, if BTC manages to hold above it, could keep Bitcoin rallying.

Bitcoin Price Sets New All-Time High, But Could BTC Correct Now?

Bitcoin (BTC) price began the week setting a new all-time high of $99,655 on Monday, November 22. However, BTC’s price has since retraced and is now hovering around $98,200.

Despite the recent pullback, BTC’s price is still up an impressive 7.99% in the past week and 61.76% since early October when BTC’s price was last seen at $60,500. This rally has sparked excitement and had traders discussing the possibility of BTC reaching $100,000 before the month is out.

However, as BTC’s price rally continues, so do speculations of an upcoming price