Bitcoin Falls Below $92,000: The Worst Is Yet To Come According To Experts

The bitcoin is going through a turbulent phase marked by a significant drop in its price, triggering massive liquidations in the market. As analysts revise their targets downwards, some experts now anticipate a return towards 90,000 dollars.

Bitcoin falls below $92,000

The crypto market experienced a major jolt this Monday in the financial markets. Bitcoin plummeted to as low as $92,600, marking a drop of over 3% within a few hours of trading.

This correction comes after several unsuccessful attempts to break the symbolic barrier of $100,000, despite initially favorable market conditions.

Extreme volatility has caused a cascade of liquidations reaching $430 million across the entire crypto market in 24 hours, particularly affecting long positions. Some experts are now anticipating a return to the 90,000 dollar mark.

Positive external developments, including rumors of a possible ceasefire between Israel and Hezbollah, have not been enough to stop the decline. Even more surprisingly, the announcement of a massive purchase of $5.5 billion worth of bitcoin by MicroStrategy failed to reverse the downward trend.

Outlook Darkens for the Short Term

The probabilities of reaching $100,000 before the end of November have collapsed, dropping from 85% to only 42%, according to the betting platform Kalshi. This drastic drop in expectations reflects a radical change in investor sentiment regarding the current correction.

Material Indicators, a reference in technical analysis, now suggests a price range between $89,000 and $91,000 as the next probable support. This projection is based on the analysis of visible liquidity levels on Binance, the world’s largest trading platform.

Despite this technical pullback, the long-term outlook remains optimistic, with a 75% chance of reaching $100,000 before 2025 and $2.5 trillion market cap before January.