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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Nov 26, 2024 09:58 UTC
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Bitcoin Price Drops Below $93K: Is It Time to Sell Bitcoin or Buy Bitcoin?
Long-term holders sell 366K BTC monthly, creating significant selling pressure near $100K.
Analysts warn Bitcoin could dip 25%, potentially hitting $70,500 in coming weeks.
"Trump trade" fuels optimism as U.S. promises crypto-friendly policies and potential BTC reserve.
Last week Bitcoin hit a record high of $99,600, but now it has dropped back to below $93K. After a big 40% rise over the last three weeks, fueled by Trump’s election win, everyone is wondering what will happen next. Is it time to sell Bitcoin and take profits, or should you buy Bitcoin while the price is lower?
Selling Pressure: Time to Sell Bitcoin
Recent data from market analysis firm Glassnode shows that long-term holders (LTHs) are selling more Bitcoin than ever before. In fact, their selling pressure has hit 366,000 BTC per month, the highest level since April 2024.
The 6 to 12-month holders, in particular, are leading the charge, offloading an average of 25,600 BTC every day. These investors bought their Bitcoin when the price was much lower than today’s $93,637, meaning they’re now sitting on hefty profits.
As Bitcoin nears $100,000, it’s no surprise that many are choosing to cash out while the price is high.
Could Bitcoin Face a 25% Dip Soon?
Meanwhile, some experts believe Bitcoin could fall further. Bitcoin’s recent price rise mirrors previous market cycles in 2013, 2017, and 2020/2021, where the price surged before dramatically dropping
Analyst Rekt Capital warns that Bitcoin could drop by as much as 25% in the next 2 to 4 weeks, possibly bringing the price down to $70,500—levels not seen since election day. While this could be a short-term dip, many are still hopeful about Bitcoin’s long-term potential.
Time To Buy The Dip?
Even with the current price drop, there’s still hope for Bitcoin in the future. The “Trump trade” is a bet that his presidency will be good for crypto. Trump has promised to create a more crypto-friendly environment in the U.S.
He’s also expected to support Bitcoin mining and even set up a Bitcoin reserve for the U.S.
Senator Cynthia Lummis has also suggested that the U.S. should buy 1 million Bitcoins over the next five years. This could push Bitcoin’s price even higher, possibly breaking the $100,000 mark.
Spot Bitcoin ETF Key Role
And let’s not forget the powerful impact of spot Bitcoin ETFs they’ve been a major driver behind Bitcoin’s explosive gains this year. So while the price of Bitcoin may be dipping right now, the long-term outlook is still bright.
FAQs
Despite short-term dips, Bitcoin’s long-term prospects remain strong due to factors like Trump’s crypto stance and Bitcoin ETFs.
The market decline is attributed to upcoming Bitcoin and Ethereum option expiries, widespread liquidations, and institutional sentiment reflected in ETF outflows.
Yes 
No 
