While Bitcoin enjoys bullish momentum, Ali, the crypto analyst on X has responded to “chatter” about Bitcoin dropping below $90k by referring the Bitcoin’s historical data.
Some Analysts Believe Bitcoin Could Drop Below $90k
There’s a buzz in the market that Bitcoin could take an unexpected turn despite its 35% hike in a month. Crypto analyst, Rekt Capital writes on X that Bitcoin has been consistently closing below a one-week trendline. According to the analyst, this trendline is a crucial resistance point. If Bitcoin closes above it, it could push the price toward $100,000.
Daily Close is in & it has occurred below the trendline resistance
If BTC can’t Daily Close above this resistance, then this could be a point of rejection again for Bitcoin
For as long as it is a resistance, we could see lower range levels again$BTC #Crypto #Bitcoin https://t.co/ny5nNToThO pic.twitter.com/fmL2HMFl0J
— Rekt Capital (@rektcapital) November 28, 2024
If Bitcoin fails to break through this level, it could lead to another rejection. For seven consecutive days, Bitcoin closed around $95,300, and to break this pattern, Bitcoin needs to close above $97,000 on Thursday. The analyst warned that as long as this trendline remains resistance, Bitcoin could face further rejections and possibly drop to lower price levels.
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Nevertheless, Bitcoin is currently trading around $98,286.35 with a staggering market cap of $1.95 trillion with the euphoria of Black Friday.
To counter this claim, Rekt has pointed out that the average mining cost for Bitcoin currently stands at $90,524. Historically, during a bull market, Bitcoin has never fallen below its mining cost. It means the mark could serve as strong support.
Seeing lots of chatter about #Bitcoin $BTC dipping below $90,000.
Keep in mind that the average mining cost is $90,524. Historically, during a bull run, #BTC has never fallen below its mining cost. pic.twitter.com/ZB4yL2QOR6
— Ali (@ali_charts) November 29, 2024
The analyst highlighted the growing expectation of a pullback after Bitcoin reclaimed the $95,000 mark. This resurgence shows how frequently it is mentioned across the crypto community.
Ali states in a thread, “Everyone’s anticipating a pullback after #Bitcoin $BTC reclaimed $95,000 — just look at how often it’s mentioned. But markets often move against the crowd’s expectations. Don’t be surprised if #BTC pushes even higher!”
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