A number of analysts believe the current bear trend has a way to go, suggesting BTC will drop below $53,000 before the bulls return.
A bad day for Bitcoin got even worse in the wee hours of November 17, when traders in Asia set the price plummeting after the biggest cryptocurrency stabilized on Tuesday, dropping as much as 10% on a day that saw it briefly dip below $58,000.
Bitcoin danced around $60,000 all day on Tuesday, November 16, having declined from $66,000 since November 15.
Bitcoin was hit by concerns over the cryptocurrency tax provisions contained in the $1 trillion U.S. infrastructure bill signed into law by President Joe Biden on November 15.
Despite efforts of a number of pro-crypto senators and representatives, it contained overbroad transaction reporting requirements that could wrap in miner and validators, node operators, and even software developers — none of whom have access to that information.
Other possible factors included the strong dollar and fallout from the SEC’s rejection of a physically settled Bitcoin ETF.
Lower to Go?
There were more than a few analysts whose Twitter prediction said that the Bitcoin correction of the last few days has farther to go.
Popular trader Michaël van de Poppe — also known as @CryptoMichNL — suggested that the “Sweet spot [is]around $51-53K to end this correction.”
“Take it easy,” he recommended on November 16, pointing out that there has not been “any correction for 50 days since the run from $39K.”
Beyond that, van de Poppe added:
“It might be painful that we're getting this correction, but nothing goes up in a straight line.”
Blockware Solutions’ lead insight analyst Will Clemente (@WClementeIII) predicted:
“We could go as low as $50-$53K & maintain bull market structure.”
Technical analyst Justin Bennett (@JustinBennettFX) predicted a bull bounceback to $70,000, but added:
“Just don't be surprised if it doesn't happen until January.”
That said, he also predicted that the current cycle will peak between $207,000 and $270,000.
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