Galaxy

Wednesday

Bitcoin

when

Augur

<p>The latest Bitcoin price decline ahead of the US Thanksgiving holiday has pushed analysts to discuss the digital asset’s potential price recovery after such a sharp decline.</p> 
<p><a href="https://www.qubetics.com/?utm_source=TNYR&amp;utm_medium=What%E2%80%99s+Behind+the+Recent+Bitcoin+Price+Decline%3F+Analysts+Explain+the+Causes+and+Implications" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-24972" src="https://www.turkishnyradio.com/wp-content/uploads/2024/10/22ccc.jpg" alt="22ccc" width="728" height="90" title="What’s Behind the Recent Bitcoin Price Decline? Analysts Explain the Causes and Implications 46"></a></p> 
<p>The flagship cryptocurrency recently experienced a significant slump, shedding 9% from the last all-time high of $99,500, which crypto market pundits attributed to panic selling from short-term holders, triggering widespread panic within the entire cryptocurrency space.</p> 
<figure id="attachment_29428" aria-describedby="caption-attachment-29428" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-29428" src="https://www.turkishnyradio.com/wp-content/uploads/2024/11/Bitcoin-back-on-track.jpg" alt="potential price recovery " width="1792" height="1024" title="What’s Behind the Recent Bitcoin Price Decline? Analysts Explain the Causes and Implications 47" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/11/Bitcoin-back-on-track.jpg 1792w, https://www.turkishnyradio.com/wp-content/uploads/2024/11/Bitcoin-back-on-track-768x439.jpg 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/11/Bitcoin-back-on-track-1536x878.jpg 1536w" sizes="(max-width: 1792px) 100vw, 1792px">
 <figcaption id="caption-attachment-29428" class="wp-caption-text">
  Potential Price Recovery Imminent after Thanksgiving
 </figcaption>
</figure> 
<h2 id="potential-price-recovery-imminent-after-thanksgiving">Potential Price Recovery Imminent after Thanksgiving</h2> 
<p>Signs of a potential price recovery surfaced during Wednesday trading when BTC headed back to <a href="https://www.cnbc.com/quotes/BTC.CM=&amp;__source=OTS%7Cfinance%7Cinline%7Cstory%7C&amp;par=OTS&amp;doc=108068922" rel="nofollow noopener" target="_blank">$96,000</a>, registering as a pullback that had eliminated all the previous price records. Analysts are wondering whether the current Bitcoin price decline could follow its annual tradition of stability recovering soon after the US Thanksgiving holiday. A recent report from CoinOtages stated, “A critical level to watch is the $90K mark, which many believe could serve as a supportive base for a potential rebound.”</p> 
<p>Looking at records of past market behavior, especially during periods such as the upcoming Thanksgiving, several analysts have surmised that some contextual lessons needed consideration. According to Alex Thorn of Galaxy Digital, a similar pattern was observed in 2020 when a similar Bitcoin price decline showed BTC shedding off 17% of its value. Thorn believes in the idea of a potential price recovery stating that the digital asset quickly got back its footing, staging a threefold recovery within five months.</p> 
<h2 id="bitcoin-has-often-traded-in-tandem-with-the-stock-market">Bitcoin Has Often Traded In Tandem with the Stock Market</h2> 
<p>As per crypto expert James Van Straten, market dynamics have recently intensified which saw over $4 billion worth of BTC liquidated, which is among the steepest drops in recent history. Staten notes that the events of the last few days have been so significant that they have eclipsed the previous liquidation that was experienced last August.</p> 
<p>However, on a positive note, highlighting the possibility of a potential price recovery, Thorn postulates that the ongoing Bitcoin price decline could be set up to an incoming upward trajectory. He opines that “The historical parallel raises the question: does history rhyme?”</p> 
<p>While Bitcoin is cutting a niche for itself as a potential store of value and a digital alternative to gold, the digital asset has often traded in alongside the stock market. Wednesday trading offers a perfect example of when it can decouple with the NASDAQ when it went lower by 0.6%.</p> 
<p>Coinbase, on the other hand, was up at least 6% when Bitcoin mirrored the other crypto stocks. Crypto trading, which most analysts believe has benefited greatly from the anticipated crypto-friendly environment heralded by the Trump 2.0 win, saw Robinhood gain 3% while the MicroStrategy stock advanced 9%.</p> 
<figure id="attachment_28484" aria-describedby="caption-attachment-28484" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-28484" src="https://www.turkishnyradio.com/wp-content/uploads/2024/11/Trumps-Election-Victory.jpg" alt="potential price recovery " width="1792" height="1024" title="What’s Behind the Recent Bitcoin Price Decline? Analysts Explain the Causes and Implications 48" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/11/Trumps-Election-Victory.jpg 1792w, https://www.turkishnyradio.com/wp-content/uploads/2024/11/Trumps-Election-Victory-768x439.jpg 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/11/Trumps-Election-Victory-1536x878.jpg 1536w" sizes="(max-width: 1792px) 100vw, 1792px">
 <figcaption id="caption-attachment-28484" class="wp-caption-text">
  A Combination of Positive Factors Augur Well for BTC
 </figcaption>
</figure> 
<h2 id="a-combination-of-positive-factors-augur-well-for-btc">&nbsp;&nbsp;A Combination of Positive Factors Augur Well for BTC</h2> 
<p>Despite the current Bitcoin price decline, BTC has shattered several records since the November 5 US election results, gaining over 38% during the last few days. Last Friday was the climax when Bitcoin rose to $99,849.99 before coming back and almost getting down to $90,000 this week. Attributing the ongoings to something normal because of what he calls corrections and hiccups, Galaxy Digital’s Thorn stated, “The bitcoin bull market has legs.”</p> 
<p>The analyst believes that anything could trigger jitters in the markets, including the slightest actions from the outgoing Biden administration, even during their twilight days. However, Thorn avers that a combination of positive factors like the highly anticipated nation-state adoption of Bitcoin by the incoming <a href="https://www.turkishnyradio.com/bitcoin-price-surges-112-to-break-94000-barrier-amid-trump-linked-optimism/">Trump administration</a> and the ongoing corporate and increasing institutional adoption are all solid sentiments that could play well towards a potential price recovery process. Thorn adds that the new administration “is shaping up to be extremely pro-bitcoin, and solid positioning and network data all point to higher over the near and medium term.”</p> 
<h2 id="conclusion">Conclusion</h2> 
<p>While the latest Bitcoin price decline as the US approaches an annual holiday has raised significant interest among most observers, historical trends suggest that a potential price recovery could still be on the horizon.</p> 
<p>Even as market players watch the market volatility with caution, a keen observation of market sentiments and the key price levels shows the possibility of a rebound as soon as Thanksgiving is over. Bitcoin remains up 126% for the entire year, and most enthusiasts still believe it could reach $100,000 by the end of 2024.</p>

What’s Behind the Recent Bitcoin Price Decline? Analysts Explain the Causes and Implications

Table of Contents

TNYR

Other articles published on Nov 28, 2024

Uniswap (UNI) Price Is About to Explode as Chart Patterns Suggest a Massive Move Is Coming!

Ethereum’s Second Bull Market Set to Break Records

Bitwise Files With SEC For ETF Based On 10 Crypto Index Fund

Cardano (ADA) Rival Positioned for a Rally to $18 by Early Next Year, Currently at Just $0.10

Why Are Some Crypto Exchanges Ditching Stablecoins

VanEck Expands Crypto Product Portfolio with New SUI ETN for European Investors

Join our free newsletter for daily crypto updates!