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Nidhi Kolhapur
Nidhi Kolhapur
Author
Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
- Nov 26, 2024 11:52 UTC
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Bitcoin Black Friday Sale: Save Money, Buy Now!
Bitcoin experienced a significant dip, falling below $93,000, amidst a broader market downturn.
Despite the recent decline, many prominent figures in the crypto industry remain bullish on Bitcoin's long-term potential.
Samson Mow, a Bitcoin maximalist, encouraged his followers to view the recent dip as a buying opportunity.
Samson Mow, CEO of JAN3 and a well-known Bitcoin maximalist, recently shared a message with his followers on X after Bitcoin faced a significant price drop. With Bitcoin falling in the last 24 hours, Mow humorously suggested that his followers take advantage of the “Bitcoin Black Friday sale.”
The Bitcoin Black Friday Sale
Bitcoin dropped by 5.98% in the past 24 hours and is now trading at $92,555. The hourly chart showed several red candles, though there were a few green candles as Bitcoin made attempts to recover. Overall, Bitcoin has lost around 7.14% since hitting a new all-time high last Friday, just short of the $100,000 mark.
Timing is Key!
Mow’s “Bitcoin Black Friday” message comes just before the official Black Friday sales, starting on November 29. The timing seems intentional, as Bitcoin’s recent dip mirrors the excitement of Black Friday deals, encouraging people to take advantage of the current price drop.
Beware: Volatility Ahead!
Bitcoin faced selling pressure and fell to an intraday low of $91,583. Its market dominance has also decreased to 57.38%. The drop was worsened by long-position liquidations, pushing the price further down. Bitcoin could experience more volatility in the short term, with $9.4 billion worth of options set to expire this Friday.
The broader cryptocurrency market also declined, in line with a 0.18% rise in the dollar index to 107. This was partly due to US President-elect Donald Trump’s announcement of tariffs on imports from Canada, Mexico, and China. Trump confirmed plans to impose a 25% tariff on goods from Canada and Mexico, plus an additional 10% on Chinese imports through a post on Truth Social.
This Is Not A Reversal, Say Analysts
In a report from Bloomberg, IG Australia Pty Market Analyst Tony Sycamore explained that Bitcoin’s recent drop is a “much-needed pullback” after a period of overbought conditions, not a sign of a long-term downtrend. He reminded readers that markets, including crypto, don’t move in a straight line forever.
Meanwhile, Markus Thielen, CEO of 10x Research, remains confident that Bitcoin will surpass $100,000 in the next few weeks, maintaining a positive outlook for 2025 despite short-term challenges.
Also, Robert Kiyosaki in his latest tweet has made a prediction that Bitcoin is likely to reach $500,000 based on the AI data which he cited.
FAQs
Bitcoin’s price dropped due to selling pressure, liquidations, and broader market factors like tariff announcements, causing short-term volatility.
No, analysts view it as a healthy correction, not a market crash, with expectations of Bitcoin recovering and surpassing $100,000 soon.
Experts remain bullish, with predictions of Bitcoin reaching $500,000, supported by factors like AI data and continued market adoption
All eyes will remain on the market’s next move. Stay tuned to Coinpedia for all the latest updates.
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