Originally published on: November 24, 2024
Bitcoin’s price is on the verge of hitting $97,000 as manipulative traders try to thwart its climb to $100,000. Over the weekend, BTC/USD encountered “spoofing” tactics, with strategically placed sell orders pushing the price down towards key support levels.
According to market analyst Skew, there is a significant ask wall between $99,500 and $99,000 influencing market movements. Meanwhile, bid liquidity is strong around $95,000, with $97,300 marking a crucial support level. Traders, including long-term holders, have been cashing in on record profits, with daily realized gains reaching $443 million.
Despite pullback targets of $90,000 being discussed, bullish sentiment remains strong. Analyst Caleb Franzen maintains a price target of $175,000 by 2025, noting that Bitcoin’s current bull market is following a predictable trajectory. With a comparison to historical market cycles, Franzen emphasizes the potential for further gains.
While it’s important to conduct your own research before making investment decisions, the cryptocurrency market continues to offer opportunities for savvy traders. Stay informed and stay ahead with the latest insights and analysis.
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