The cryptocurrency market's total market capitalization hit $581 billion on Nov 25 for the first time since Jan 2018.
Unfortunately, the latest crash wiped around $92 billion in just hours.
Statistics from Bybt show that around $2.04 billion has been liquidated in the past 24 hours. However, now that volatility seems to be calming down, several popular analysts are getting ready to place their buy orders to buy the dip.
What is the consensus of the most prominent analysts in the crypto market?
Veteran trader Peter Brandt exited a significant portion of his Bitcoin position on Nov 21 as his price target was hit.
Brandt explains that Bitcoin has been able to trade significantly above the 18-Simple Moving Average (SMA) on the daily chart since the last rally on Oct 8.
Currently, Bitcoin price is just standing around this SMA, which could be a potential price target to start buying.
BTC/USD daily chart
Brandt has been watching a large symmetrical triangle pattern formed on the weekly chart from which Bitcoin has broken out on Oct 19.
Brandt believes $56,000 is a potential price target in the long-term.
It's important to note that Brandt also talks about previous corrections that averaged around 34%, which would put Bitcoin at approximately $12,750 from this last high.
BTC/USD weekly chart
Davinci Jeremie, a famous Bitcoin analyst on Youtube, seems to believe that Bitcoin could be on its way to a dead cat bounce.
Jeremie warns traders not to be surprised if BTC heads up towards $18,300 again, which is the 0.618 Fib level before a final 30% retrace towards $13,000.
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