Bitcoin (BTC) Price Retreat, Bullish Ripple (XRP) Predictions, and More: Bits Recap Nov 26

by

As a seasoned analyst with over two decades of experience in both traditional and digital markets, I’ve seen my fair share of rollercoasters. The recent price swings in Bitcoin (BTC) are reminiscent of a wild ride at an amusement park – exhilarating one moment, stomach-churning the next.

TL;DR

  • Bitcoin (BTC) hit nearly $100,000 before dropping to $93,000, with corrections potentially linked to profit-taking and market sentiment.
  • Ripple (XRP) soared to $1.60, now at $1.42, with predictions ranging from $1.60 to $30 by 2025.
  • Shiba Inu (SHIB) saw a recent local peak and may rally again if it breaks key resistance.

BTC’s Price Swings

Over the last week, the leading cryptocurrency has experienced a wild ride, reaching an unprecedented peak of nearly $100,000 on November 22, only to fall below $93,000 in the days that followed. In the past few hours, it’s taken another steep dive and currently stands at a low not seen for several days, valued at around $92,500.

It’s worth pointing out that the intensity of corrections occurred on November 25, following MicroStrategy’s announcement about purchasing a significant amount of Bitcoin – 55,500 BTC to be exact. This purchase was made at an average price of around $98,000 per coin, totaling approximately $5.4 billion. This transaction set a new record for the company in its buying spree.

Large-scale acquisitions of such assets reduce the available amount in circulation, potentially causing an increase in price. However, this didn’t occur in this instance as Bitcoin dipped by 4% following the disclosure.

Corrections, though, are an inevitable part of the market cycle. Most recently, CryptoQuant’s analysts outlined some factors possibly contributing to the pullback, including Short-Term Holders (STH) taking profits and rising fear of missing out (FOMO) levels.

Concurrently, indicators based on blockchain, like MVRV, NUPL, and the Puell Multiple, suggest that Bitcoin is currently in an “ongoing bull run with promising uptrend prospects.

How’s XRP Doing?

In recent weeks, Ripple’s native currency has been one of the market’s standout performers, experiencing a significant surge in value. It reached a peak of $1.60 over three years ago last week, but at present, it is trading just under $1.40.

It’s not surprising that after a significant comeback, optimistic forecasts for XRP have emerged among supporters. The user CrediBULL Crypto speculates that the asset could potentially reach $1.60 in value, provided Bitcoin doesn’t disrupt the trend.

Crypto Assets Guy and Crypto Bull were much more optimistic. The former envisioned a potential new all-time high of over $4 by Christmas this year, while the latter set a staggering target of $30 by the end of January 2025.

Achieving such expansive proportions for XRP would necessitate its market capitalization soaring to approximately $1.6 trillion. However, considering that the total value of all cryptocurrencies stands at about $3.4 trillion, this prediction seems rather unlikely or unrealistic.

Another SHIB Jump on the Way?

The second-largest meme coin has been doing exceptionally well over the past few weeks. Reaching a seven-month peak in mid-November, it subsequently experienced a correction in tandem with the overall market.

Some users on Crypto King and Ali Martinez’s platform are optimistic, predicting stronger increases in cryptocurrency values in the coming days. The first user believes that Shiba Inu (SHIB) may mimic the impressive growth seen by Dogecoin (DOGE).

Martinez anticipates a significant increase of more than 10% if the price exceeds the $0.000025 barrier. Previously, SHIB had been trading above that particular level for multiple days, but it has recently dropped slightly below in the last few hours.

Read More

2024-11-26 11:52