Bitcoin (BTC) experienced a drop to $94,500 recently after Microsoft shareholders rejected a proposal to allocate 1% of the company’s total assets to purchase BTC as an inflation hedge. Despite this setback, analysts remain optimistic about the future price appreciation of BTC.
Bitcoin Price Predictions Point to $275,000
Coinglass data reveals that over $478 million worth of contracts, primarily long positions, were liquidated in the past 24 hours following the decline in BTC and other cryptocurrencies. Interestingly, altcoins saw higher liquidation volumes compared to Bitcoin.
Some analysts view the recent price dip as a buying opportunity. Seasoned crypto analyst Ali Martinez highlighted a long cup and handle pattern forming on Bitcoin’s weekly chart, signaling a bullish trend continuation with a potential surge to $275,000.
However, @Trader_XO warned that Bitcoin must maintain support at $90,000 to avoid further decline. A drop below this level could push BTC down to $85,000, while holding above $90,000 would allow the cryptocurrency to recover and resume its upward trajectory.
BTC Approaches $100,000 Amid Market Volatility
Following the recent dip, Bitcoin quickly recovered and is now trading near $100,000. The cryptocurrency remains in an overall uptrend, supported by today’s US inflation data for November, which met market expectations.
Bitcoin reached a new all-time high of $103,679 but has been fluctuating around the $100,000 mark, resulting in over $1.5 billion in liquidations over the past week. Various factors, including low BTC reserves on exchanges and increasing corporate adoption, could drive BTC’s price to new highs.
Featured image from Unsplash, Charts from X and TradingView.com