Analyst Predicts Bitcoin's Next Target: $95k-$96k

Analyst Predicts Bitcoin's Next Target: $95k-$96k – Here’s Why

The Bitcoin market has seen a moderate price increase over the last week, recovering from a lengthy price correction that started in early October. The leading cryptocurrency is currently trading above $90,000, with growing optimism for a potential move back toward its all-time high of $126,100. Market analyst KillaXBT has identified a significant price zone that may represent the next target in this recovery phase.

Key Takeaways

Bitcoin has rebounded modestly, now trading above $90,000, with eyes on an all-time high of $126,100.
Analyst KillaXBT predicts the next target could be between $95,000-$96,000 but warns of potential short-term price pullbacks.
High liquidity zones and liquidation clusters are critical to understanding potential price movements.
Attention is on the upcoming FOMC meeting for insights on monetary policy and its effects on Bitcoin's price.

Bitcoin

Bitcoin Set to Reach $95k-$96k, But a Price Dip May Come First – Analyst Insight

In a recent post on X dated November 28, analyst KillaXBT shared insights regarding Bitcoin’s price trends, revealing a mix of bullish and bearish signals. Following a 7.22% increase over the past week, KillaXBT forecasts that market bulls could push prices up to approximately $95,000-$96,000, a zone characterized by substantial illiquidity pockets and multiple liquidation clusters.

To explain further, these areas are appealing to prices as they contain significant amounts of pending orders, making them important liquidity targets. Liquidation clusters, in particular, consist of groups of leveraged positions, which necessitate forced buying or selling when prices reach these levels, thus injecting fresh liquidity into the market.

However, KillaXBT warns that this upward move might not happen right away. The analyst notes that markets tend to delay significant liquidity sweeps until after major macroeconomic events. With the upcoming Federal Open Market Committee (FOMC) meeting set to provide insights into possible rate cuts, traders may see ongoing liquidity accumulation below the yearly opening price in the short term.

The analyst believes these upper liquidation levels will eventually be reached; however, the timing is likely to coincide more closely with next month’s policy announcement rather than the ongoing market cycle.

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Source: @KillaXBT on X

KillaXBT proposes a possible scenario where Bitcoin could experience a slight pullback to around $93,000 before testing the $89,200 level. Following this, the cryptocurrency might then target $95,000–$96,000, in line with expectations for a potential adjustment in FOMC rates.

Nevertheless, there is also a chance that Bitcoin could reach these critical liquidation zones before the FOMC meeting. In this case, a swift rise to $96,000 could be followed by a sharp drop to approximately $89,200 due to possible liquidations, before eventually returning to the upper liquidity zones.

In light of this analysis, KillaXBT has decided to take a short position, intending to reevaluate his strategy according to market conditions as the FOMC meeting approaches. Interestingly, the analyst opines that the true short-term opportunity may only arise after the FOMC's announcement.

Current Bitcoin Price Snapshot

As of the latest update, Bitcoin is trading at $90,490, showing a minor decline of 0.64% in the past day.

Bitcoin
BTC trading at $90,485 on the daily chart | Source: BTCUSDT chart on Tradingview.com