Market Update Friday
Despite a round of market liquidations earlier in the week, many speculated that Bitcoin ($BTC) was off to the moon, and retail took out Long positions speculating the market makers had finished with their manipulation! Unfortunately, BTC price continued to fall, liquidating a further $401.6M in the last 24 hours, liquidating options expiring today. A sharp reminder to use leverage with extreme caution.
As the market begins to rally, Alt-coins have done particularly well, with $ETH rallying up 6% and $ADA reclaiming the $1.90 mark. Notably, Metaverse Projects $FTM (Fantom) and new Binance Listing $DAR (Mines of Dalarnia) jumped 18% and 12% in the last 24hours respectively.
Are we still on for Plan B's $98k BTC prediction?
It's looking less likely however, it is still possible that Bitcoin could get to $98K by the end of November? In order for that to happen, we could need 10-20k daily candles to get back on track, however, remember that value and price are not always the same thing. Being long term bullish on Crypto in general, I believe that had you been able to accumulate around $55-57k today, you would comfortably see a return by the end of the year.
Cast your mind back to July 2021, we already had a 10K candle following a large market drop. I am quietly confident when others are fearful, and I not selling any BTC just yet.
In order for the above scenario to play out, however, we DO need to see some large bullish moves, and we need to see them soon!
None of the above is financial advice.
