Recently, BTC reached a high of $99,588, coming close to the $100,000 mark, but ultimately failed to break through.
Market data shows that BTC's candlestick chart displays price oscillating at high levels, with certain upper and lower shadows, indicating fierce competition between bulls and bears. The daily chart shows a long bullish candlestick followed by consecutive small bearish and bullish candlesticks, suggesting an entry into a consolidation phase. The MACD on the 4-hour cycle is near the zero axis, with signs of convergence between DIF and DEA, the momentum bars shrinking, indicating an unclear trend, while the RSI fluctuates between 56 and 70, slightly leaning towards the overbought zone but not reaching extreme levels, indicating that the market still has room for upward movement but requires caution.
Image source: AICoin
According to AICoin market data, BTC is currently priced at $98,194, above the EMA7, with EMA7 > EMA30 > EMA120, indicating a bullish arrangement; the overall trend remains bullish.
The exchange Material Indicators previously tweeted, 'FireCharts show that there is significant selling pressure on Bitcoin, ranging from $99,300 to $100,000,' suggesting that sellers are queueing up to prevent Bitcoin's price from rising further—this is a common characteristic of Bitcoin near critical psychological levels.
Continuous greed among long-term holders
Despite the short-term drop in BTC, investors remain bullish on BTC in the long run. Analyst Ali stated that the current 'greed' sentiment among long-term holders is becoming increasingly evident; historically, this behavior indicates that BTC needs 8-11 months to reach its market peak, potentially seeing a peak between June and September 2025.
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Meanwhile, cryptocurrency analyst Willy Woo stated on social media, 'It seems that a large amount of capital is flowing into the Bitcoin network.' This observation further confirms the increasing demand for Bitcoin among investors.
The accumulation behavior of long-term holders supports Bitcoin's market stability; in times of significant market fluctuations, long-term holders often stabilize price volatility, providing liquidity support to the market. The ongoing greed of long-term holders typically signals a positive direction for Bitcoin's future price.
Bitcoin veteran Lao Fei tweeted today (November 25) that the BTC pullback is a good time to get in, stating, 'The larger the pullback, the more you earn,' showing positive sentiment towards BTC's performance in the bull market.
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Georgii Verbitskii, founder of the TYMIO decentralized finance platform, also stated that by the end of 2024 or early 2025, Bitcoin's price has the potential to rise between $100,000 and $120,000. Caleb Franzen, founder of Cubic Analytics, reiterated his prediction that Bitcoin could reach $175,000 by 2025 in his latest market analysis.
According to AICoin data, the greed-fear index remains in extreme greed levels, currently reported at 82, still indicating positive market sentiment.
Image source: AICoin
Market fluctuations bring short-term price uncertainty, also providing investors with entry opportunities; each pullback could become a good chance for investors to re-enter the market. Especially in a bull market, pullbacks are often necessary adjustments in the upward price movement.
For ordinary investors, holding Bitcoin and increasing positions during price pullbacks may be a wise strategy. Allocating a larger proportion of funds to Bitcoin while keeping a small portion for other high-risk investments can yield more robust returns in the long term.
Summary
Although Bitcoin faced setbacks while trying to breach the $100,000 mark, its long-term value and market potential should not be underestimated. The stability of market sentiment and increased institutional investment suggest that BTC is likely to continue showcasing its growth potential amidst future market fluctuations. Investors should focus on Bitcoin's long-term development trends while paying attention to short-term market dynamics to maximize returns in future market opportunities.
