- Bitcoin is sliding once again after a failed attempt to recapture $4,000.
- Looking at the recent behavior BTC/USD, the next fall will be on Thursday, November 29th.
Bitcoin made a recovery attempt following the news that the US state of Ohio will accept the digital currency in 23 different types of business taxes. This is a considerable mainstream adoption of cryptocurrencies and good news, but it was good enough only for a few hours. Also, some noted a short squeeze after the big fall, and yet again, it did not hold for too long.
BTC/USD crossed $4,000 but could not keep above the level. At the time of writing, it is trading just above $3,700, still above the fresh low of $3,456.
What's next?
It is hard to see any recovery unless the whales begin accumulating, as some speculate. According to the theory, whales that have accumulated Bitcoin outside the exchanges are dumping it on the market to trigger a broader sell and to push prices down. And after prices dropped sharply, they will accumulate some more and eventually push prices higher.
Bitcoin dropped by 40% in the recent crash and 80% from the peak in December 2018. It is trading at the lowest levels since September 2017. However, it is trading above levels seen in August 2017, and that is not a long time ago.
If the whales do not begin accumulating again, BTC/USD may resume its drops. And where to?
The pattern of crashes - every five days
-636788431712204092.png)
As the chart shows, The drop under $6,000 happened on Wednesday 14th.
The crash below $5,000 occurred on November 19th.
And the final fall (for now) took place on 24th.
As you can see, the losses of the round numbers happened five days apart.
Five days from the 24th is the 29th, which is on Thursday. The next round level is $3,000.
Will the pattern repeat itself? Nothing last forever but another iteration of such a clear pattern cannot be ruled out.
If the dumping theory is correct, the whales may strike again on Thursday and bring the price to the $2,000 handle.
We'll know soon enough.
More: Bitcoin (BTC) could be in trouble again
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Top 3 gainers Supra, Cosmos Hub, EOS: Supra leads recovery after Trump’s tariffs announcement
Supra’s 25% surge on Friday calls attention to lesser-known cryptocurrencies as Bitcoin, Ethereum and XRP struggle. Cosmos Hub remains range-bound while bulls focus on a potential inverse head-and-shoulders pattern breakout.
Bitcoin Weekly Forecast: Tariff ‘Liberation Day’ sparks liquidation in crypto market
Bitcoin price remains under selling pressure around $82,000 on Friday after failing to close above key resistance earlier this week. Donald Trump’s tariff announcement on Wednesday swept $200 billion from total crypto market capitalization and triggered a wave of liquidations.
Can Maker break $1,450 hurdle as whales launch buying spree?
Maker is back above $1,300 on Friday after extending its lower leg to $1,231 the previous day. MKR’s rebound has erased the drawdown that followed United States President Donald Trump’s ‘Liberaton Day’ tariffs on Wednesday, which targeted 100 countries.
Gold shines in Q1 while Bitcoin stumbles
Gold gains nearly 20%, reaching a peak of $3,167, while Bitcoin nosedives nearly 12%, reaching a low of $76,606, in Q1 2025. In Q1, the World Gold ETF's net inflows totalled 155 tonnes, while the Bitcoin spot ETF showed a net inflow of near $1 billion.
Bitcoin Weekly Forecast: Tariff ‘Liberation Day’ sparks liquidation in crypto market
Bitcoin (BTC) price remains under selling pressure and trades near $84,000 when writing on Friday after a rejection from a key resistance level earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.