Bitcoin Price Alert: Expert Warns Of Upcoming 25% Drop, Timing And Trends Explained

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Name	Symbol	Market	Market Cap ($)	Algorithm
Mina	MINAUSD	Crypto	897,850,190	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Mina

MINAUSD

Crypto

897,850,190

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.007	0.92%	0.771	0.767	0.769

Price Change

Price Change %

Current Price

Bid Price

Offer

0.007

0.92%

0.771

0.767

0.769

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.773	0.726	0.751	0.764	0.329000 - 1.73

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.773

0.726

0.751

0.764

0.329000 - 1.73

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	07:43:54	30.27	0.768	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

07:43:54

30.27

0.768

USD

Price x Volume	Volume	Base Symbol	Related Pairs
332,973.51	446,406.05	MINA	MINAEUR	MINAGBP	MINABTC

Price x Volume

Volume

Base Symbol

Related Pairs

332,973.51

446,406.05

Bitcoin Price Alert: Expert Warns Of Upcoming 25% Drop, Timing And Trends Explained

26/11/2024 7:30am

NEWSBTC

After reaching a new all-time high of $99,600 last Friday, the Bitcoin price has retraced to the $94,000 mark for the first time in nearly a week. This pullback comes amid growing speculation about a possible correction following a massive three-week uptrend that saw the leading crypto surge by 40% after Donald Trump’s election on November 5. Bitcoin Price May Drop To $70,500 Market expert and technical analyst Rekt Capital recently voiced concerns on social media platform X (formerly Twitter), drawing parallels with historical price cycles. He highlighted that in the 2013 cycle, the Bitcoin price experienced six weeks of rising prices leading into what is known as “Price Discovery,” followed by its first major correction in Week 7. Similarly, in the 2017 cycle, a seven-week rally culminated in a significant retracement of 34% in Week 8. In the 2020/2021 cycle, Bitcoin rallied for six weeks before facing its first meaningful pullback of 16%.Currently, Rekt Capital notes that Bitcoin is in the fourth week of its current uptrend. Related Reading: Ethereum Analyst Predicts $3,700 Once ETH Breaks Through Resistance Based on these historical patterns, it suggests that the cryptocurrency may be poised for a retest of lower support levels within the next two to four weeks, aligning with the previous trends, where the average declines have been substantial. Considering the data from past corrections, the Bitcoin price could experience a 25% pullback, potentially bringing the price down to around $70,500—a level not seen since the election day. Who’s Selling Bitcoin? Contributing to the current pullback, data from on-chain market intelligence firm Glassnode reveals that long-term holders (LTHs) have significantly increased their selling activity, with a notable selling pressure recorded at -366,000 BTC per month—the highest level seen since April 2024. The analysis indicates that among long-term holders, the 6 to 12-month cohort is leading the charge, averaging 25,600 BTC sold per day. This group of investors has capitalized on the recent Bitcoin price surge, having acquired their coins at an average cost basis approximately 71% lower than the current market price, which hovers around $57,900. Related Reading: Rocket Fuel For Shiba Inu Price: Kusama Says 99% SHIB Supply Burn Possible The increase in selling pressure among this group also reflects a potential shift in market movement in the coming days. With Bitcoin hitting new all-time highs just below $100,000, some investors may choose to take profits rather than ride out potential volatility. At the time of writing, the largest cryptocurrency on the market is trading at $94,000, recording a retracement of nearly 5% on the 24-hour time frame. For the time being, however, the Bitcoin price continues to post gains in all other time frames, with the year-to-date being the most notable with a 150% surge in that time period. Featured image from DALL-E, chart from TradingView.com

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