Bitcoin fell below $96,000 on November 24, indicating that short-term traders are taking profits near the $100,000 mark. Price corrections are an inevitable part of any bull run. While new traders are nervous, experienced investors see this as a buying opportunity.
Prediction markets are placing the possibility of Bitcoin surpassing $100,000 by 2024. Data from betting platform Kalshi shows an 81% chance of Bitcoin hitting $100,000 or higher by December 31. Medium-term forecasts suggest Bitcoin could hit $122,000 by the start of the new year.
Another bullish view comes from Georgii Verbitskii, founder of decentralized finance platform TYMIO, who said that Bitcoin could rise to the $100,000-$120,000 range by late 2024 or early 2025. As more traders enter the market, Verbitskii expects Bitcoin to continue its rise to $180,000 by the end of 2025.
BTC Technical Analysis
Bitcoin is facing resistance near the psychologically important $100,000 level, but a positive sign is that traders waiting for Bitcoin to rally have not lost too much ground to the bears.
The rising moving averages and the relative strength index (RSI) in overbought territory suggest that the path of least resistance is to the upside. If the buyers push the price above $100,000, the BTC/USDT pair is likely to accelerate and reach $113,331 and then $125,000.
The first support on the downside is the rising trend line and then the 20-day exponential moving average (EMA) at $88,386. If the price rebounds from the 20-day EMA, traders waiting for Bitcoin to rise will try to resume the uptrend. A short-term top will be confirmed if the pair drops below $85,000.
On the 4-hour chart, the pair has broken below the 20-day EMA, suggesting that traders waiting for Bitcoin to fall are making a comeback. The next support on the downside is the rising trend line. If the price rebounds from this trend line, traders waiting for Bitcoin to rise will try again to push the price above $100,000. If successful, the pair could rise to $113,331.
Conversely, if the price breaks below the rising trend line, it would indicate a lack of demand at lower levels. The pair could decline to $85,000.
BNB Technical Analysis
BNB surged above the $667 resistance on November 23 and 24, but the long candlesticks indicate strong selling pressure at higher levels.
The key support on the downside is the 20-day EMA at $619. If the price rebounds from the 20-day EMA, traders waiting for BNB to rise will again try to push the BNB/USDT pair to $722. This level could be a strong barrier, but if cleared, the upside momentum could reach $810.
If traders waiting for BNB to fall want to halt the upside momentum, they will need to quickly pull the price below the moving averages. This would indicate that the market has rejected the breakout, and the pair could fall towards the rising trendline.
Traders waiting for Bitcoin to rise bought the dip to the $635 breakout level and pushed the price above the 20-EMA. Buyers will attempt to push the price to $688, which is expected to act as a strong resistance. However, if it breaks above that, the pair could rise to $722.
On the contrary, if the price turns around and breaks below $635, it would indicate that traders waiting for BNB to fall are selling on every recovery. The pair could fall to the 50-SMA and then $600.
AVAX Technical Analysis
Avalanche broke above the resistance line of the rising channel pattern on November 22, but traders waiting for AVAX to rise are facing selling pressure at higher levels.
The AVAX/USDT pair could retest the breakout level from the channel. If the price rebounds sharply from the resistance line, it would indicate that traders waiting for AVAX to rise have turned this level into support. The pair could then attempt to rise towards $50.
On the contrary, if the price breaks below the resistance line, it would indicate that traders waiting for AVAX to rise are losing control. The pair could fall towards the 20-day EMA at $34.34, where it is likely to attract buyers again.
On the chart, the pair is witnessing a fierce battle between traders waiting for AVAX to rise and traders waiting for AVAX to fall near the 20-EMA. If the price breaks above the 20-EMA, these traders will again try to push the pair towards the psychological $50 level.
Meanwhile, traders waiting for AVAX to fall will try to sell on the rallies and push the pair below the 50 SMA. If successful, the pair could drop to $32 and then $31.
NEAR Technical Analysis
Near Protocol (NEAR) price could decline to the 20-day EMA ($5.48), which is a key support level to watch. If the price bounces sharply from the 20-day EMA, traders waiting for Near to rise will try to push the NEAR/USDT pair to $8.58 and then $9.01.
On the contrary, if the price breaks and closes below the 20-day EMA, it could indicate that the breakout above $6.50 was just a “bull trap”. The pair could then plunge to the 50-day SMA ($4.86), extending its trading range between $3.42 and $6.50 for some time.
On the 4-hour chart, the price has bounced off the moving averages, suggesting that traders waiting for a bullish NEAR continue to take advantage of the dips. If the price breaks above $6.50, these traders will attempt to kick off the next leg of the rally by clearing the hurdle at $6.80.
On the contrary, if the price reverses from $6.50 or $6.80, it would suggest that traders waiting for a bullish NEAR are taking advantage of the rallies to book profits. This increases the risk of a break below the moving averages, which could send the pair sharply lower to the rising trendline and then to $5.
OKB Technical Analysis
The OKB price is attempting to change direction by forming a series of higher highs and higher lows.
The OKB/USDT pair has been gaining momentum after breaking above $48 on November 23, opening the door for a rally to $62 and then $68.
$48 is expected to act as support during downside corrections. If the price bounces from $48, it would indicate that the market sentiment remains positive and traders continue to buy on dips.
However, if the $48 support level is broken, the pair could fall to the 20-day EMA ($44.79). The further it falls, the longer it will take for the uptrend to continue.
Currently, traders waiting for OKB to rise are trying to stall the rally at $56.74, but traders waiting for OKB to rise are still firmly in the driver’s seat. The pair is likely to find support at $51 and then the 20-day EMA. A bounce from these levels would indicate that traders are still buying on dips, improving the prospects for a rally above $56.74.
This bullish view would be negated in the short term if the price breaks below the 20-day EMA. In that case, the pair could continue to decline towards the 50-day SMA.
