In a recent social media update, Samson Mow, CEO of JAN3 and a well-known Bitcoin advocate, addressed his followers amid a significant dip in Bitcoin’s value over the past 24 hours. Mow playfully encouraged his audience to take advantage of what he termed the Bitcoin Black Friday sale.
The Bitcoin Black Friday Sale
Bitcoin has experienced a notable decline of 5.98% in the past 24 hours, currently trading at $92,555. This downturn was marked by consecutive red candles on the hourly chart, interspersed with attempts to rebound, evidenced by a few green candles. Since reaching a new all-time high just shy of the $100,000 mark last week, the cryptocurrency has fallen approximately 7.14%. With Black Friday just around the corner on November 29, Mow’s reference to a ‘Bitcoin Black Friday’ sale on social media was timely.
Bitcoin Faces Selling Pressure
The cryptocurrency market has been under pressure as Bitcoin fell to an intraday low of $91,583. The flagship digital currency’s market dominance has decreased to 57.38%, driven by long-position liquidations that have exacerbated the downward trend. Additionally, the market is bracing for short-term volatility as $9.4 billion in Bitcoin options are set to expire this Friday.
The broader cryptocurrency market has also faced challenges, influenced by a 0.18% rise in the dollar index. This increase was fueled by US President-elect Donald Trump’s announcement of tariffs on imports from Canada, Mexico, and China. Trump disclosed plans to implement a 25% tariff on goods from Canada and Mexico, along with an additional 10% on Chinese imports, as revealed in a Truth Social post.
Bullish Outlook From Analysts
Despite recent setbacks, industry analysts maintain an optimistic outlook for Bitcoin. According to a Bloomberg report, Tony Sycamore, a market analyst at IG Australia Pty, described the recent Bitcoin decline as a necessary pullback to alleviate overbought conditions rather than a downward reversal or cause for alarm. He emphasized that markets, including the volatile cryptocurrency space, are not immune to fluctuations and do not move in unending upward trajectories.
Markus Thielen, founder and CEO of 10x Research, expressed confidence that Bitcoin will soon exceed the $100,000 threshold, despite the current short-term challenges. He remains optimistic about Bitcoin’s prospects for the year 2025. Furthermore, financial educator and author Robert Kiyosaki recently tweeted a bold prediction, suggesting that Bitcoin could soar to $500,000, basing his forecast on data from artificial intelligence.
As the cryptocurrency market continues to evolve, investors and enthusiasts alike are closely monitoring these developments, keeping a keen eye on expert analyses and predictions to navigate the ever-changing landscape of digital currencies.
