Bitcoin price is dipping: Here’s the next target to keep an eye on

Posted: 10 November 2021 5:30 pm

Despite yesterday's volatility, Bitcoin's fortnightly gains continue to stand at an impressive 10%.

  • BTC has failed to break past the AUD$95K (US$70K) resistance despite increased institutional demand.
  • Bitcoins market dominance index (DI) currently stands at 41.6%.
  • The total market capitalisation of the crypto sector recently surged past the US$3 trillion (AUD$4 trillion approx.) mark.

Just when analysts were projecting Bitcoin to smash past the AUD$95,000 (US$70,000) resistance zone, the flagship cryptocurrency proceeded to show signs of a major correction, dropping from its all-time high value of AUD$93,200 to around AUD$90,361 within a matter of hours. At press time, BTC is trading at a price point of AUD$90,546.

On 7 November, Bitcoin was sitting comfortably near the AUD$84,000 threshold. However, over the course of the next 48 hours, the digital asset proceeded to pump and gain nearly 12% in value. As a result, independent analysts like Pentoshi declared that BTC was all set to make a massive run, adding: "BTC highest weekly close ever after consolidation. We are clear for take-off."

Pseudonymous crypto pundit filbfilb believes that there is a massive sell wall currently in place around the US$70,000 range, something that may be causing the digital asset to show increasing volatility. He noted that despite the recent heavy accumulation being carried out by whales, a number of smaller players have continued to book profits for themselves, causing BTC to fluctuate wildly between US$66,000-$85,000.

If Bitcoin is able to cleanly break past its all-important US$70,000 resistance, there is a chance that it may be able to witness more upside in the near term, potentially taking the cryptocurrency close to a price point of US$98,000 by the end of 2021.

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Looking ahead

Bitcoin's ongoing ascent has closely mirrored its amazing performance witnessed back in 2013 and 2017, leading SkyBridge Capital CEO Anthony Scaramucci to recently proclaim that, despite any ongoing uncertainty, a price target of US$70,000 is definitely on the horizon for Bitcoin. He added: "Large institutional demand has finally arrived. Trying to get in orders before 2022."

Scaramucci's conviction is grounded in the fact that, as we head into 2022, an increasing number of Bitcoin ETFs (exchange-traded funds) will continue to make their way into the market – with 2 having already been greenlighted by the US SEC recently.

As fears of inflation continue to mount globally, BTC's appeal as a hedge has continued to increase, as is highlighted by the fact that the currency's market cap has already reached 11% (approx.) of gold's total cap. Thus, it will be interesting to see how the future of the market as a whole plays out.

Interested in cryptocurrency? Learn more about the basics with our beginner's guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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