Experts Predict Bitcoin’s Price Movements Following Recent Declines

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As of the article’s preparation, Bitcoin (BTC) price dropped to $96,500, which does not look promising. It is not surprising to see minor corrections even during attempts to reach all-time highs. However, if the decline deepens, cryptocurrency traders might face challenging conditions. What do experts predict regarding this recent downturn?

Bitcoin Decline Target

Experts have mentioned a bearish signal due to divergence in the RSI. The previously maintained level of $97,138 was broken on the third consecutive day, and closures below this level may not yield favorable results. At least for the short term, the current test must remain as a lower wick to prevent further deepening of the decline.

Kyledoops recently shared a liquidation map indicating that the Bitcoin (BTC) price might drop to $95,000, potentially liquidating $3.4 billion in long positions. If the decline continues in this manner, panic selling could occur in altcoins.

Cryptocurrency Predictions

Even on the most exciting days of upward movements, those trading short-term could experience nightmare scenarios. Especially regarding altcoins, the recent pullback has led to frustrating results. In upcoming hours, if ETH falls below $3,100, the situation for altcoins may worsen.

Nonetheless, the medium-term outlook remains positive; historical data can provide motivation for investors looking towards December, despite short-term fluctuations. At the time of writing, Daan Crypto Trades shared the monthly performance table of BTC, noting the following:

“Bitcoin is on track to have the best November in five years, mirroring 2020.

A generally green November often leads to a green December the following month, particularly in halving years (2016 and 2020).

We will see if this trend continues.”

Scott Melker expressed concerns about a possibly deeper correction.

“Significant bearish divergence with overbought RSI in many timeframes. This typically indicates at least a local top.

No signal is 100% certain, but this one tends to be reliable. We will look for hidden bullish divergence to negate the bearish divergence. The previous all-time high of $74,000 has not been tested as support. There’s no reason for it to be touched, but it’s always worth looking at previous ATHs. The most likely area for a pullback is the 80-90K range.”

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