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.
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.
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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