November $90,000 vs $50,000...Bitcoin (BTC) Extreme Forecasts, Who Will Be Right?

▲ Bitcoin (BTC)/AI generated image

While there's a forecast that Bitcoin (BTC) will surpass $90,000 in early November, analyses warning of a drop to $50,000 are also clashing.

According to crypto media outlet CryptoPotato on September 17 (local time), trader Matthew Hyland stated, "Let's see it above $90,000 in early November," based on daily cycle lows and bullish divergence signals. Hyland interpreted the recent decline as a liquidity grab, explaining that there isn't much liquidity below $75,000.

Conversely, analyst Ted Pillows pointed to the breach of the 50-week Exponential Moving Average (EMA) and argued, "There's a high possibility of a drop to $70,000-$72,000 before a rebound." Analyst Crypto Patel maintained a target price of $50,000 until the closing price exceeded $83,000 in higher time frames.

IT Tech, a contributor to CryptoQuant, revealed that the proportion of 6-12 month holdings in realized market capitalization increased from 16.2% in December last year to 30.8%. This trend was also observed during three previous market bottoms. However, he did not definitively call it a cycle low, instead evaluating it as "forming a bottom in the middle of a market cycle."

The U.S. crypto market structure bill failed to secure the necessary 60 votes in the Senate cloture vote. Subsequently, short-term holders sent over 23,000 BTC in a loss-making state to exchanges. This amounted to approximately $1.8 billion, marking the largest sell-off in about a month. CryptoPotato

[Article Key Summary]

-Hyland predicted a breakthrough above $90,000 in early November, based on bullish divergence.

-Bearish analysts warned of drops to $70,000-$72,000 and $50,000.

-Following the bill's failed vote, sell-offs by short-term holders expanded.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*