About three days ago, many thought that Bitcoin the market was recovering from falling prices. Instead, the real indicators showed the to the expected fall. Accordingly, investors were advised not to “buy a decline” over the next 72 hours. And as the price has fallen, the relevant question remains – how far will Bitcoin go?
Bitcoin for $ 50,000?
Surprisingly, over the last 10 days, BTC has fallen by 15.24%, with 11.1% coming in exactly the last three days. Although the candle was green at the time of the analysis, investors should not expect the price drop to stop.
It is strange that price indicators still remain bearish. The amazing oscillator has actually turned into a “bear bear” today, the first time in a month and a half, the stripes have fallen below the neutral line.
At the time of writing, the MACD indicator has shown that the bearish moment is stronger. In addition, for the first time in six months since May, the indicator reached its deepest level in the bear zone. And SAR spots remained above the candles, indicating active bear ability.
Well, another reason for the continuing decline in prices is the ongoing liquidations from investors with long liquidations, which reach $ 533 in three days.
As a result of this drop in prices, whales have also become active and their transactions have reached $ 7.4 billion. This is the highest movement the bitcoin whale market has seen since December 2017.
So after next week on November 26, when 50.1,000 contracts are due to expire, 30,000 of them still remain optimistic that BTC will reach $ 64,000 or more. The remaining 20,000 contracts are pushing for $ 50,000.
Looking at the probability index, a BTC that touches $ 50,000 has an 87% chance, while anything over $ 64,000 has less than a 13% chance.
Although the probability supports the $ 50,000 option, the market may save BTC from its downturn.
While virtually a 10% drop, BTC would end up at $ 50,000. Now, if this decline ever happens, it will be in the next seven days, if not, then the market may recover.