Will BTC Drop Below $90k or Bounce Back?

After setting up an all-time high (ATH) at $99,690 on November 22, BTC crashed nearly 9% in total and created a local bottom at $90,835. Although BTC has recovered in the past 12 hours, it faces a tough resistance level, leaving investors wondering if Bitcoin will visit $100,000 first or continue its crash and dip below $90,000. Regardless, Bitcoin (BTC) price today trades at $95,367.0 on 12 PM. BTC price hit a daily high of $97,360.0 today after a 2.49% move on November 28.

Why Is Bitcoin Price Today Rising?

As mentioned, Bitcoin price today is up 2.49% after BTC crashed 8.88% and currently auctions around $95,367.0. Despite the recent drop, BTC shows signs of recovery and trades around $95,367.0. Many were seen preemptively celebrating Bitcoin hitting $100,000 on Friday, but the recent crash has revealed that BTC has other plans. Regardless, one thing is clear – investors are eager to see Bitcoin cross the historic six-digit level. While some altcoins are shooting up, most are waiting for BTC to cool off.

From the looks of it, Bitcoin price looks ready to recover and is showing signs of forming a local bottom.

*bitcoin price updated as of 12 PM.

Value of BTC trades at $95,367.0, bringing the year-to-date gain from 56% on October 20 to 120% as of November 28. The YTD performance has slumped due to the recent BTC crash. Although many altcoins have shot up over triple digits, Bitcoin is catching up. Ethereum price’s YTD performance is lackluster, stands at 45%, and is well below BTC.

Although Bitcoin is the largest cryptocurrency by market capitalization, Bitcoin’s popularity is due to its first-mover advantage and its being a secure, decentralized network. In addition, many narratives, like digital gold, inflation hedges, and uncorrelated assets, have kept BTC at the forefront of the crypto market since its inception in 2009.

BTC Price to Finish 2024 on Bullish Note

Industry veterans’ speculation of a bull run post-US elections was right, and Bitcoin is likely to end November 2024 on a positive note. Many even expect a six-digit target for BTC by the end of November, and this is due to the historical returns. History shows that Bitcoin has always performed massively in the fourth quarter.

Historical Bitcoin Price PerformanceHistorical Bitcoin Price Performance
Historical Bitcoin Price Performance

With that said, if Bitcoin price hits a new ATH in November or December, Bitcoin’s market capitalization, which stands at $1,887.2 billion, could finally hit the $2 trillion mark.

Bitcoin’s Market Capitalization

While Bitcoin’s market cap hovers around $1,887.2 billion, with Ethereum, the duo controls nearly 65% of the total cryptocurrency market capitalization. Despite the seven-month consolidation, Bitcoin’s $1.93 trillion market cap remains strong, anticipating it reaching $2 trillion before 2025.

BTC: A composition of 24-hour Trading Volume

Being the top crypto has its benefits; more people tend to flock toward the asset. Likewise, BTC’s 24-hour trading volume stands at $82.0 billion. Binance, one of the largest cryptocurrency exchanges, contributes a major portion of this volume. Binance’s share of BTC’s 24-hour trading volume comprises spot and perpetuals trading. While spot volume hovers around 11%, perpetual volume is 41%. Exchanges like OKX, Bitget, etc, follow Binance.

Key Bitcoin Blockchain Updates

With a market cap of $1.93 trillion, it is necessary for the network to remain secure, decentralized, and scalable. This is possible by upgrading the Bitcoin network regularly.

Here are some notable upgrades the Bitcoin network has received or planned to receive since its inception in 2009.

Bitcoin Network Upgrades Since 2009

Here are some key milestone upgrades to the Bitcoin network over the past decade.

2020-2024:

  • Taproot Upgrade (2021): Improved Bitcoin’s smart contract functionality, allowing for more complex transactions and enhanced privacy.Muir Glacier Upgrade (2020): Delayed the “ice age” that would have slowed down the network, ensuring the continued smooth operation of Bitcoin.

2017-2019:

  • Segregated Witness (SegWit) Upgrade (2017): Increased the block size limit, allowing for more transactions to be processed on the network, and improved the overall scalability of Bitcoin.
  • Schnorr/Tapscript Upgrade (proposed): Aims to further improve the efficiency and scalability of Bitcoin transactions, but has not yet been activated.
  • SegWit2x (canceled): A proposed upgrade that aimed to increase the block size limit, but was ultimately canceled due to lack of consensus.

2015-2016:

  • Bitcoin Core 0.12.0 Upgrade (2016): Introduced several improvements, including better wallet management and enhanced security features.
  • BIP66 Upgrade (2015): Standardized the way Bitcoin transactions are verified, improving the overall security and reliability of the network.

2013-2014:

  • Bitcoin Core 0.9.0 Upgrade (2014): Introduced a new wallet format and improved the overall performance of the Bitcoin client.
  • BIP0016 Upgrade (2013): Enabled the use of payment protocol, allowing for more efficient and secure transactions.

2010-2012:

  • Pay-to-Script-Hash (P2SH) Upgrade (2012): Introduced a new type of transaction that allows for more complex payment scenarios, improving the overall flexibility of the Bitcoin network.
  • Bitcoin Core 0.6.0 Upgrade (2011): Introduced several improvements, including better wallet management and enhanced security features.

2009-2010:

  • Bitcoin Core 0.3.0 Upgrade (2009): One of the earliest upgrades to the Bitcoin network, introducing several key features and improvements.

Bitcoin Price Outlook For Next Month

Date Price Change
November 28, 2024 93389.76 -1.19%
November 29, 2024 98345.11 4.05%
November 30, 2024 100968.57 6.82%
December 01, 2024 101996.51 7.91%
December 02, 2024 102039.15 7.96%
December 03, 2024 101579.68 7.47%
December 04, 2024 101436.32 7.32%
December 05, 2024 101756.89 7.66%
December 06, 2024 102041.57 7.96%
December 07, 2024 102241.71 8.17%
December 08, 2024 102804.90 8.77%
December 09, 2024 103555.32 9.56%
December 10, 2024 103240.45 9.23%
December 11, 2024 103724.74 9.74%
December 12, 2024 105169.79 11.27%
December 13, 2024 105746.02 11.88%
December 14, 2024 104974.04 11.06%
December 15, 2024 104262.32 10.31%
December 16, 2024 103953.89 9.98%
December 17, 2024 103545.66 9.55%
December 18, 2024 101488.52 7.37%
December 19, 2024 101490.63 7.38%
December 20, 2024 102810.57 8.77%
December 21, 2024 104782.90 10.86%
December 22, 2024 106926.06 13.13%
December 23, 2024 108984.99 15.3%
December 24, 2024 109125.74 15.45%
December 25, 2024 109100.53 15.43%
December 26, 2024 109304.37 15.64%
December 27, 2024 109684.95 16.05%

Based on Coingape’s Bitcoin price prediction, investors can expect a double-digit rally that leads to a peak of $110,724 in the coming month. While there may be a brief correction, BTC’s trend remains bullish. Bitcoin Price Forecast Between 2025 and 2029

Bitcoin Price Outlook Between 2025 & 2029

January $108,808.42 $108,872.16 $108,840.29

75.1%

February $108,068.85 $108,059.37 $108,064.11

73.8%

March $107,329.28 $107,246.58 $107,287.93

72.6%

April $106,589.71 $106,433.79 $106,511.75

71.3%

May $105,850.14 $105,621 $105,735.57

70.1%

June $105,110.58 $104,808.21 $104,959.40

68.8%

July $104,371.01 $103,995.42 $104,183.22

67.6%

August $103,631.44 $103,182.63 $103,407.04

66.3%

September $102,891.87 $102,369.84 $102,630.86

65.1%

October $102,152.30 $101,557.05 $101,854.68

63.8%

November $101,412.73 $100,744.26 $101,078.50

62.6%

December $100,673.16 $99,931.47 $100,302.32

61.3%

All Time $104,740.79 $104,401.82 $104,571.31

68.2%

January $103,446.81 $103,168.85 $105,565.79

69.8%

February $106,220.47 $106,406.23 $110,829.27

78.3%

March $108,994.12 $109,643.60 $116,092.74

86.7%

April $111,767.77 $112,880.98 $121,356.21

95.2%

May $114,541.43 $116,118.36 $126,619.69

103.7%

June $117,315.08 $119,355.74 $131,883.16

112.1%

July $120,088.73 $122,593.11 $137,146.63

120.6%

August $122,862.39 $125,830.49 $142,410.11

129.1%

September $125,636.04 $129,067.87 $147,673.58

137.5%

October $128,409.69 $132,305.25 $152,937.05

146%

November $131,183.35 $135,542.62 $158,200.53

154.5%

December $133,957 $138,780 $163,464

162.9%

All Time $118,701.91 $120,974.42 $134,514.90

116.4%

January $139,801.17 $144,684.75 $169,276.92

172.3%

February $145,645.33 $150,589.50 $175,089.83

181.6%

March $151,489.50 $156,494.25 $180,902.75

191%

April $157,333.67 $162,399 $186,715.67

200.3%

May $163,177.83 $168,303.75 $192,528.58

209.7%

June $169,022 $174,208.50 $198,341.50

219%

July $174,866.17 $180,113.25 $204,154.42

228.4%

August $180,710.33 $186,018 $209,967.33

237.7%

September $186,554.50 $191,922.75 $215,780.25

247.1%

October $192,398.67 $197,827.50 $221,593.17

256.4%

November $198,242.83 $203,732.25 $227,406.08

265.8%

December $204,087 $209,637 $233,219

275.1%

All Time $171,944.08 $177,160.88 $201,247.96

223.7%

January $212,511.67 $218,298 $243,655

291.9%

February $220,936.33 $226,959 $254,091

308.7%

March $229,361 $235,620 $264,527

325.5%

April $237,785.67 $244,281 $274,963

342.3%

May $246,210.33 $252,942 $285,399

359%

June $254,635 $261,603 $295,835

375.8%

July $263,059.67 $270,264 $306,271

392.6%

August $271,484.33 $278,925 $316,707

409.4%

September $279,909 $287,586 $327,143

426.2%

October $288,333.67 $296,247 $337,579

443%

November $296,758.33 $304,908 $348,015

459.8%

December $305,183 $313,569 $358,451

476.5%

All Time $258,847.33 $265,933.50 $301,053

384.2%

January $317,150.58 $326,144.33 $372,391.92

499%

February $329,118.17 $338,719.67 $386,332.83

521.4%

March $341,085.75 $351,295 $400,273.75

543.8%

April $353,053.33 $363,870.33 $414,214.67

566.2%

May $365,020.92 $376,445.67 $428,155.58

588.7%

June $376,988.50 $389,021 $442,096.50

611.1%

July $388,956.08 $401,596.33 $456,037.42

633.5%

August $400,923.67 $414,171.67 $469,978.33

655.9%

September $412,891.25 $426,747 $483,919.25

678.4%

October $424,858.83 $439,322.33 $497,860.17

700.8%

November $436,826.42 $451,897.67 $511,801.08

723.2%

December $448,794 $464,473 $525,742

745.6%

All Time $382,972.29 $395,308.67 $449,066.96

622.3%

In the next year, aka 2025, Bitcoin price is likely to stay well above the six-digit territory and shows no signs of correction below it. Coingape’s Bitcoin price prediction data reveals a peak of $104,280.26 in February 2025.

Bitcoin Price Prediction between 2030 and 2050

2030

2031

2032

2033

2040

2050

January $465,154.42 $481,462.17 $546,469.67

779%

February $481,514.83 $498,451.33 $567,197.33

812.3%

March $497,875.25 $515,440.50 $587,925

845.6%

April $514,235.67 $532,429.67 $608,652.67

879%

May $530,596.08 $549,418.83 $629,380.33

912.3%

June $546,956.50 $566,408 $650,108

945.7%

July $563,316.92 $583,397.17 $670,835.67

979%

August $579,677.33 $600,386.33 $691,563.33

1012.3%

September $596,037.75 $617,375.50 $712,291

1045.7%

October $612,398.17 $634,364.67 $733,018.67

1079%

November $628,758.58 $651,353.83 $753,746.33

1112.4%

December $645,119 $668,343 $774,474

1145.7%

All Time $555,136.71 $574,902.58 $660,471.83

962.3%

January $667,167.08 $691,240.58 $802,526.58

1190.8%

February $689,215.17 $714,138.17 $830,579.17

1235.9%

March $711,263.25 $737,035.75 $858,631.75

1281.1%

April $733,311.33 $759,933.33 $886,684.33

1326.2%

May $755,359.42 $782,830.92 $914,736.92

1371.3%

June $777,407.50 $805,728.50 $942,789.50

1416.4%

July $799,455.58 $828,626.08 $970,842.08

1461.5%

August $821,503.67 $851,523.67 $998,894.67

1506.7%

September $843,551.75 $874,421.25 $1,026,947.25

1551.8%

October $865,599.83 $897,318.83 $1,054,999.83

1596.9%

November $887,647.92 $920,216.42 $1,083,052.42

1642%

December $909,696 $943,114 $1,111,105

1687.1%

All Time $788,431.54 $817,177.29 $956,815.79

1439%

January $946,061.92 $979,838.83 $1,150,786.08

1751%

February $982,427.83 $1,016,563.67 $1,190,467.17

1814.8%

March $1,018,793.75 $1,053,288.50 $1,230,148.25

1878.6%

April $1,055,159.67 $1,090,013.33 $1,269,829.33

1942.4%

May $1,091,525.58 $1,126,738.17 $1,309,510.42

2006.3%

June $1,127,891.50 $1,163,463 $1,349,191.50

2070.1%

July $1,164,257.42 $1,200,187.83 $1,388,872.58

2133.9%

August $1,200,623.33 $1,236,912.67 $1,428,553.67

2197.7%

September $1,236,989.25 $1,273,637.50 $1,468,234.75

2261.6%

October $1,273,355.17 $1,310,362.33 $1,507,915.83

2325.4%

November $1,309,721.08 $1,347,087.17 $1,547,596.92

2389.2%

December $1,346,087 $1,383,812 $1,587,278

2453%

All Time $1,146,074.46 $1,181,825.42 $1,369,032.04

2102%

January $1,387,378.67 $1,426,572.58 $1,647,465.92

2549.9%

February $1,428,670.33 $1,469,333.17 $1,707,653.83

2646.7%

March $1,469,962 $1,512,093.75 $1,767,841.75

2743.5%

April $1,511,253.67 $1,554,854.33 $1,828,029.67

2840.3%

May $1,552,545.33 $1,597,614.92 $1,888,217.58

2937.1%

June $1,593,837 $1,640,375.50 $1,948,405.50

3033.9%

July $1,635,128.67 $1,683,136.08 $2,008,593.42

3130.7%

August $1,676,420.33 $1,725,896.67 $2,068,781.33

3227.5%

September $1,717,712 $1,768,657.25 $2,128,969.25

3324.3%

October $1,759,003.67 $1,811,417.83 $2,189,157.17

3421.1%

November $1,800,295.33 $1,854,178.42 $2,249,345.08

3517.9%

December $1,841,587 $1,896,939 $2,309,533

3614.7%

All Time $1,614,482.83 $1,661,755.79 $1,978,499.46

3082.3%

January $1,912,592.58 $1,975,978.17 $2,362,093.25

3699.3%

February $1,983,598.17 $2,055,017.33 $2,414,653.50

3783.8%

March $2,054,603.75 $2,134,056.50 $2,467,213.75

3868.4%

April $2,125,609.33 $2,213,095.67 $2,519,774

3952.9%

May $2,196,614.92 $2,292,134.83 $2,572,334.25

4037.4%

June $2,267,620.50 $2,371,174 $2,624,894.50

4122%

July $2,338,626.08 $2,450,213.17 $2,677,454.75

4206.5%

August $2,409,631.67 $2,529,252.33 $2,730,015

4291.1%

September $2,480,637.25 $2,608,291.50 $2,782,575.25

4375.6%

October $2,551,642.83 $2,687,330.67 $2,835,135.50

4460.1%

November $2,622,648.42 $2,766,369.83 $2,887,695.75

4544.7%

December $2,693,654 $2,845,409 $2,940,256

4629.2%

All Time $2,303,123.29 $2,410,693.58 $2,651,174.63

4164.3%

January $2,753,723.75 $2,916,544.25 $3,019,295.17

4756.4%

February $2,813,793.50 $2,987,679.50 $3,098,334.33

4883.5%

March $2,873,863.25 $3,058,814.75 $3,177,373.50

5010.6%

April $2,933,933 $3,129,950 $3,256,412.67

5137.7%

May $2,994,002.75 $3,201,085.25 $3,335,451.83

5264.9%

June $3,054,072.50 $3,272,220.50 $3,414,491

5392%

July $3,114,142.25 $3,343,355.75 $3,493,530.17

5519.1%

August $3,174,212 $3,414,491 $3,572,569.33

5646.3%

September $3,234,281.75 $3,485,626.25 $3,651,608.50

5773.4%

October $3,294,351.50 $3,556,761.50 $3,730,647.67

5900.5%

November $3,354,421.25 $3,627,896.75 $3,809,686.83

6027.7%

December $3,414,491 $3,699,032 $3,888,726

6154.8%

All Time $3,084,107.38 $3,307,788.13 $3,454,010.58

5455.6%

Roughly five years from now, aka 2023, Bitcoin’s price will see an explosion to the upside, with an all-time high of $774,474 in the aforementioned year. In the same period, BTC could reach a low of $465,154.42. Based on CoinGape predictions, the average price of BTC in 2050 is between $2.9 million and $3.3 million.

Investors should note that these long-term predictions can change and, hence, should be taken with a grain of salt.

Bitcoin Price Analysis: Why BTC Crashed & Will it Recover?

Bitcoin price shed 8.88% between November 22 and November 27. BTC dropped from a swing high of $99,690 and created a local bottom at $90,835. This four-day crash has wiped out more than $1 billion worth of positions. Although the late American trading session on Wednesday saw BTC climb by 7%, BTC is not out of the woods yet and could continue to drop lower.

Before understanding what comes next, let’s explore why BTC Crashed.

  1. With Bitcoin breaking its seven-month consolidation range, it likely attracted massive retail investors. As a result of this increased leverage, short-term drops are natural and cull early bulls and impatient investors.
  2. Additionally, $100,000 is a key psychological level, and before Bitcoin price takes out this hurdle, a short-term shakeout is something that veteran traders expect. This allows for a reduction of the total leverage and resets the market dynamics.
  3. One of the key reasons could be profit-taking. Considering that BTC shot up from $17,000 at the start of 2023 and is now hovering just below $100,000, it is likely that these investors will realize profits, adding to the selling pressure.

Will BTC recover? A simple Bitcoin technical analysis shows that BTC is getting rejected from the $95,981 and $96,739 resistance zeon. Sustained selling pressure could trigger a correction that retests $90,000 and drops below it. In such a case, the $87,367 support level is a key area where buyers might step in again.

BTC/USDT 1-hour chartBTC/USDT 1-hour chart
BTC/USDT 1-hour chart

On the other hand, if Bitcoin price breaches the $87,637 support level, it would invalidate the bullish outlook. This move would produce a lower low on the one-hour chart and trigger a downtrend, favoring the bears. This outlook could see Bitcoin trigger a 17% crash to $77,074.