Bitcoin’s price suddenly dipped below the $16,000 mark on Saturday, putting the rally observed in recent weeks on hold.
Around 10:00 UTC, the cryptocurrency dipped as low as $15,750, just after hitting highs over $16,300 during the Asian trading hours.
As we have reported earlier this week, some analysts expect Bitcoin to consolidate its recent gains for a few weeks, before rallying again in the eve of 2021.
That is because of the perception that the rally from $9,800 to over $16,000 in the past two months is overstretching the first-ever cryptocurrency.
Analysts anticipate that the bullish run towards Bitcoin’s record high of around $20,000 would be reset and start over again, likely in December.
The Bitcoin options market is also more bullish than it has ever been, as recent data indicated that net demand for call options (so-called “bullish bets”) was outperforming net demand for puts (so-called “bearish bets”) by the highest level on record.
At press time, Bitcoin prices had risen back to $16,050 with a steady perspective.
