Трейдер прогнозирует возможное дно биткоина на уровне $101 150 Translation: Trader predicts possible bitcoin bottom at $101,150

After recovering to $110,000 over the weekend, the leading cryptocurrency adjusted down to $107,000. Trader known as CrypNuevo believes that «one of the most challenging trading weeks» lies ahead for digital gold.

*“This suggests to me that we are likely in a sideways range, which means we should be prepared for a potential retest of its lower boundaries,”* he noted.

The expert pointed out a correlation: the price lows align with the 50-week exponential moving average level at $101,150. He stated that this increases the likelihood of forming a bottom precisely in this zone.

A similar situation occurred in October when Bitcoin’s price sharply retraced from its historical peak of $126,200.

*“If this is indeed the correct range, a breakout is most likely to occur upwards due to robust support at the lower bounds and a liquidity imbalance above the upper limits,”* CrypNuevo added.

Historically, the first week of November is regarded as one of the most favorable for the leading cryptocurrency.

Trader operating under the pseudonym Daan Crypto Trades believes that understanding the closest price benchmarks requires considering liquidity distribution in the exchange order book.

He emphasized that on the weekend of November 1 and 2, two significant clusters formed. A substantial volume of orders is held around the $112,000 mark, while on broader timeframes, key levels are in the $105,000 and $117,000 zones.

Bitcoin maximalist Mark Cullen pointed out the risks associated with accumulating liquidity below current levels:

*“The leading cryptocurrency appears weak, and the lower cluster seems like an enticing target. The question is whether we will see another attempt at growth before a deeper correction in the coming days or weeks. It all depends on the first American trading session.”*

Analysts at QCP reported the transfer of large amounts of Bitcoin to the Kraken exchange from early investors. According to them, traders continued a previously established trend, which “explains the first ‘red’ October for the cryptocurrency since 2018.”

*“The theory that long-term holders are initiating the current consolidation seems justified. Recent sell-offs, including today’s, lacked a clear macro catalyst, even with rising stocks and other risk assets amid supportive policies,”* the experts added.

They also highlighted that in the past week, volatility and demand for protective options have increased. However, the overall situation “indicates a lack of panic and fear” in the face of a potential downturn.

Digital gold remains resilient—over the past month, the market absorbed 450,000 BTC from the “old” supply, preventing a drop below $100,000.

*“Despite the slowdown in accumulation by corporations like Strategy and Metaplanet, as well as minor sales from small treasuries, spot prices maintain support. Even the outflow from ETFs last week failed to break Bitcoin’s current range,”* QCP noted.

Experts believe the current consolidation resembles the period before a breakout in 2024. Otherwise, it may signify the onset of a crypto winter, analysts concluded.

It’s worth noting that Sigma Capital’s CEO, Vineet Budki, suggested a 70% drop in Bitcoin’s price might be possible.