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    Bitcoin price stability around $90,000 predicted before possible surge or dip according to CryptoQuant analysis

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    Bitcoin (BTC), currently at around $90,000, may stick around this value for a while before it starts to climb again, as per CryptoQuant’s market update. This is due to moving average trend lines suggesting a lot of positive buyer pressure. Two potential outcomes could be BTC either staying between $87K-$93K before surging back up to $104K-$120K, or dipping to $71K-$77K before starting to push up again. Despite predictions of potential dips, faith in Bitcoin appears strong with “whales” continuously buying.

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    Bitcoin (BTC) could face a few bumps along the road before it hits six-digit value – we might even see it dip back down to close to $70,000. In their market update on November 16, onchain analytics platform CryptoQuant suggested that bitcoin could do with a little cool-off period.

    At the moment, Bitcoin’s enjoying itself at about $90,000, with this week’s earnings making a promising impression at around 13%. A few expert voices out there, including BaroVirtual from CryptoQuant, suggest that Bitcoin may cocktail around this value before it starts to climb again – with potential dips edging just above $70,000.

    They think it’s down to two moving average (MA) trend lines – which are currently around 20% apart. According to them, the position of our eager Bitcoin buyers (the 7-day and 30-day MAs) indicates a lot of positive pressure to buy, which is a great sign.

    However, the gap between those quick to buy and those playing the long game does present two options: Bitcoin could stay steady between $87K-$93K before climbing back up to the $104K-$120K range (this is similar to what happened between February and March 2024). Alternatively, Bitcoin could dip back down to $71K-$77K: a quick cool-off before it starts to push back up again.

    In support of this, they’ve shared a chart showing the odds of Bitcoin’s price increases over the past week, with a record $9k uptick on November 11 alone. CryptoQuant also thinks that Bitcoin bulls may need to take a breather soon, drawing on previous runs toward all-time highs.

    There’s not a lot of doom and gloom though – Bitcoin whales aren’t showing any signs of selling their stock any time soon. In fact, many people think that Bitcoin won’t hit six figures without taking a pause first. Some are predicting a retest of newly won support levels, while skeptics think Bitcoin could crash back down to $50K or below.

    Even so, CryptoQuant’s data suggests that the faith in Bitcoin at its current levels is still pretty strong, with wealthier investors (or “whales”) continuing to buy as values peak. One contributor noted that it’s interesting to see that the balance of new whales has gone up quite quickly, suggesting that more high-level investors have been created recently.

    These big players haven’t stopped buying even at $90K value, and most are holding onto their Bitcoin – showing confidence in the market. Please note, this isn’t investment or trading advice – make sure to do your own research before making any decisions.

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