Bitcoin Faces Potential $70K Correction Before Targeting $100K as Whale Activity Remains Strong
Bitcoin's price continues to hover near $90,000, but analysts warn it could face a short-term correction. In a market update on Nov. 16, CryptoQuant, a blockchain analytics firm, pointed to a potential dip to the $70,000 range due to a market "cooling" phase. Despite its recent bullish momentum, Bitcoin could experience a price pullback before reaching its target of $100,000 or higher.
Bitcoin's price surge has been impressive, with the cryptocurrency gaining nearly 13% over the past week. However, CryptoQuant’s contributor, BaroVirtual, suggests two possible scenarios for Bitcoin's near-term future. First, Bitcoin could consolidate within a range of $87,000 to $93,000 before continuing its rise toward the $104,000 to $120,000 range. Alternatively, the cryptocurrency could experience a correction, with the price dropping to the $71,000 to $77,000 range before resuming its upward movement.
The analysis points to the widening gap between Bitcoin’s seven-day and 30-day moving averages (MAs), which currently show a 19% difference. This gap signals that Bitcoin’s recent rally has been driven by intense buying pressure, but it also suggests that a price pullback could be on the horizon.
Despite the possibility of a dip, Bitcoin whales—large investors—are continuing to accumulate Bitcoin, signaling strong market confidence. CryptoQuant data shows that even as Bitcoin remains near its $90,000 price point, whale activity has been increasing, indicating that large holders are optimistic about the long-term outlook.
Some analysts believe that Bitcoin's bull run could pause before hitting the $100,000 mark, with some expecting a dip to $50,000 or lower. However, whale accumulation suggests that the broader market is not panicking, and any price dip may be temporary.
