The Bitcoin Playbook Double Digit Rally Double Digit Sell off Pump Again

[Power Man]

After a double-digit rally, a double-digit selloff in the crypto market followed today - with altcoins taking the strongest hit, as is usual in this already tested crypto market playbook.

So, the news this morning is that everything is per usual - nothing new under the crypto sun. As we have seen many times before, the crypto riseth and the crypto dropeth. We have also been warned by analysts that November will see bitcoin (BTC) whales accumulation driving further appreciation in price, but this will be accompanied by higher volatility. And voilà.

Bitcoin today (10:03 UTC) dropped more than 11% in 24 hours and 2.5% in a week to USD 17,000, even dipping below this level - moving further away from the long-awaited all-time high. Ethereum (ETH) didn't fare any better in 24 hours, dropping more than 15% to the price of USD 505, though it's still green over the course of the week.

That's far from all, as nearly all top 100 coins by market capitalization have gone red in the past few hours. Among the top 10, XRP was hit the hardest, dropping nearly 23%, followed by cardano (ADA)'s 20% and chainlink (LINK)'s 19.5% plunge. These are also among the highest drops on the entire top 100 list, with some other projects reaching as far as -24% at the moment.

However, later, BTC recovered, rallying from USD 16,600 to above USD 17,400 in a couple of hours.

[sheenshane]

It would be good if you also indicate a graph of your post.

I'd checked on Yahoo finance about the Bitcoin price it seems not only Bitcoin was affected, I think most markets had small corrections and probably one of the reasons is the Black Friday event.  Precious metals too like the Gold price were currently down at 13.60%.

It's true that Bitcoin's price has dropped by 11% within 24 hours at the time that you posted this but that was a small correction and in a week of around 3 to 4%.  But this doesn't mean that Bitcoin might not hit the ATH anymore and the decrease in the price have just caused by the Thanksgiving and Black Friday in the US where people are indeed more into spending rather than investing which makes the Bitcoins and other cryptocurrencies in the market became more available and accessible that leads to downswing in the price.

However, I'm confident that Bitcoin will still be able to reach ATH within the year and I assume it might be in the first quarter of December.

[error08]

The price of bitcoin drop to $16,200 which means 17%, many people expect it would fall 30%-35% but it seems no more whales want to sell their coins as bitcoin tanks above $16k and gradually recover to $17k. The graph may be going sideways this week but the rally isn't over yet, bitcoin still has the time to comeback in December to take the crown. Consider the current price as a brief dip to buy more coins before it starts to rise again.