Bitcoin price dynamics are under scrutiny as prominent analysts project potential sharp corrections before the crypto regains bullish momentum. Discussions among experts suggest a potential downside to $60,000, even as some remain optimistic about its long-term trajectory.
Will Bitcoin Price Crash Further?
Crypto analyst Ali Martinez recently highlighted on X, “Bitcoin $BTC will CRASH to $60,000!!! At least, that’s what some of the most renowned analysts are saying.” Notable voices like Tone Vays and Peter Brandt have also raised concerns about Bitcoin’s price sustainability below key thresholds.
Tone Vays emphasized the significance of the $95,000 mark, stating that BTC trading below this level is “very, very bad” as it raises the probability of a correction to $73,000. Similarly, Peter Brandt pointed to a potential breakdown from a “broadening triangle,” which could lead Bitcoin to retrace toward the $70,000 zone.
#Bitcoin $BTC will CRASH to $60,000!!!
At least, that’s what some of the most renowned analysts are saying. Let’s dive in ????????
— Ali (@ali_charts) December 26, 2024
Adding to the cautious outlook, Mark Newton forecasted a possible downswing to $60,000 before the Bitcoin price resumes its upward trajectory. His sentiment aligns with Benjamin Cowen’s analysis, which drew parallels between BTC and the price action of the Nasdaq-100 ETF ($QQQ). According to Cowen, “a flash crash to $60,000 may materialize around [Donald Trump’s] inauguration day.”
On-chain data further reinforces the possibility of a downturn. Martinez noted that a Bitcoin price correction to $70,000 is plausible, explaining, “Below $93,806, it is pretty much open air all the way down to $70,085.” Over the past week, more than 33,000 BTC worth $3.23 billion were transferred to exchanges, signaling increased selling pressure. On December 23 alone, $7.17 billion in Bitcoin profits were realized.
Moreover, market sentiment on Binance has shown a decline in confidence. The percentage of traders with open long positions on Bitcoin dropped from 66.73% to 53.60%, indicating reduced bullish sentiment.
The Positive Side
Bitcoin price recently breached a critical support level at $97,300. Martinez asserted that for the bearish outlook to be invalidated, Bitcoin must reclaim this support and achieve a daily close above $100,000.
“If Bitcoin $BTC can sustain a daily close above $100,000, we could be looking at a new leg up toward $168,500,” he added. These developments illustrate a mixed outlook, with BTC facing short-term bearish pressures while long-term projections remain optimistic.
Also Read: KULR Buys $21M Bitcoin Following MicroStrategy’s BTC Strategy