30s Summary

Bitcoin nearly hit $97,000 on Nov. 24 with some traders stopping it from reaching $100,000 through a manipulative method called “spoofing”. However, analytics suggest potential price correction soon, with targets down to $90,000. Despite the recent shake-up, some experts remain optimistic, with one financial researcher maintaining a $175,000 target for Bitcoin by 2025. These figures corroborate with records indicating that nearly 57% of recent Bitcoin profits have not yet been cashed in, potentially causing fluctuation.

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Bitcoin seemed to be hitting a crucial low point on Nov. 24 as some sketchy traders tried to stop it from touching $100,000.

Data from Cointelegraph Markets Pro and TradingView revealed that Bitcoin price action was zooming in on nearly $97,000. This happened after Bitcoin struggled and eventually failed to break past the sellers situated just below the $100,000 mark. Some manipulative moves called “spoofing” occurred over the weekend.

I’m sure you’re wondering, “what’s spoofing?” Well, it simply means creating fake buying or selling pressure in the market by placing large orders that are not intended to be filled. This was done with the intention of pulling the market down towards support.

As Skew, a well-known trader, explained, “Asks were lowered to $99.5K – $99K. A fresh ask was placed just above where we were, but it probably got removed already ~ this is what we call spoofing on the ask.” This deceptive move tends to force bots in less active trading hours to sell, leading to lower prices.

Skew noticed bid liquidity all queued up at $95,000, but pointed out that the key low point from recent days was around $97,300.

“These are the signs that people passively buying are watching,” he added.

Sellers, including some long-time Bitcoin holders, made record profits on Nov. 22 as Bitcoin hit its all-time highs of $99,800.

Maartunn, an analyst working with onchain analytics platform CryptoQuant, reported that the daily total was an impressive $443 million.

“Currently, 57% of profits haven’t been cashed in,” he pointed out in a follow-up post on Nov. 23.

In other words, there’s a chance of a price correction happening soon. Cointelegraph has also discussed traders’ taking a step back when it comes to Bitcoin price, with targets dropping to $90,000 and even lower.

Maintaining a more positive outlook, Caleb Franzen, who’s behind Cubic Analytics financial research tool, insists on a $175,000 Bitcoin price target for 2025. He still believes the Bitcoin bull market is on track.

“Yes, we’re on our way to my target. But Bitcoin needs to jump by +77% to get there. For your info, since September 9th, 2024, Bitcoin has increased by +77%,” he noted.

Don’t forget to do your own homework before making any decision on investments or trading as they can be risky.

Alright folks, that’s about it for now. Keep your eyes on the Bitcoin charts, and let’s see how things play out!