1. Manipulation Clouds Before the 100K Level
On November 24, as Bitcoin approached the $100,000 milestone, it became mired in a 'critical low' quagmire, allegedly obstructed by manipulative traders. Data from Cointelegraph Markets Pro and TradingView showed that BTC prices hovered around $97,000. After struggling to break past the selling price below $100,000, BTC/USD encountered order 'deception' over the weekend. This tactic involves constructing a liquidity wall to push the market down to support levels. Renowned trader Skew analyzed on platform X: 'Selling price liquidity is declining, with a sell wall at $995,000 to $990,000. A new sell wall has formed above and may have been removed; this is a deceptive selling tactic that often occurs during periods of low liquidity, forcing bots to sell, leading to price drops.' Current bid liquidity is around $95,000, with $97,300 being a recent 'critical low'; Skew also mentioned looking for signs of passive buyers.
2. Concerns and Data Warnings Behind the New Highs
On November 22, Bitcoin reached a historic high of $99,800, with long-term holders reaping record profits. CryptoQuant analyst Maartunn reported that daily realized profits reached $443 million. Maartunn noted in a post on November 23: 'Unrealized profits are at a high of 57%, close to the peak of 69% in March 2024, suggesting an increased probability of price correction.' Previous reports have also indicated that traders have set their BTC pullback targets at $90,000 and lower.
3. Optimistic Outlook: Target Price Remains Firm
Despite facing current challenges, Cubic Analytics founder Caleb Franzen remains optimistic. In a guest article on November 23, he reiterated that the target price for Bitcoin in 2025 is $175,000, asserting that the Bitcoin bull market is 'progressing step by step.' He wrote: 'Indeed, we are moving towards the target... but Bitcoin still needs to rise by 77% to meet the goal.' The attached chart also compared this year's bull market performance with previous cycles.
The information provided in this article is for reference only and does not constitute any type of advice.
