Originally published on: November 24, 2024
As Bitcoin neared a critical low on November 24th, traders engaging in manipulative tactics were determined to keep the price below $100,000.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin’s price was inching closer to $97,000, struggling to break through the $100,000 barrier due to the return of spoofing tactics by some traders.
Spoofing involves placing fake orders to manipulate prices and lure the market towards certain levels of support or resistance. This deceptive strategy was evident as walls of ask liquidity were strategically positioned near the $100,000 mark to prevent Bitcoin from surging past this crucial level.
Notably, the pivotal low was identified at $97,300, with bid liquidity support observed at $95,000, signaling a potential level where passive buyers could step in.
Long-term holders and traders took advantage of the recent price surge, realizing record profits as Bitcoin reached its latest all-time high of $99,800 on November 22nd. According to CryptoQuant analyst Maartunn, the daily profit tally amounted to $443 million, with unrealized profit levels currently at 57%.
Despite discussions of potential pullback targets like $90,000, some analysts remain optimistic about Bitcoin’s future price trajectory. Caleb Franzen, from Cubic Analytics, reaffirmed his $175,000 price target for Bitcoin by 2025, emphasizing that the current bull market is progressing as anticipated.
With Bitcoin up nearly 50% in the fourth quarter, Franzen highlighted the coin’s +77% gain since September 2024, indicating that Bitcoin is on track to meet his long-term price projection.
While the crypto market remains unpredictable, investors should conduct thorough research and exercise caution when making investment decisions, as every move involves inherent risks. For more insights and updates on market trends, subscribe to the Markets Outlook newsletter for valuable information delivered every Monday.