As Bitcoin (BTC) hovers around $92,000 and the critical resistance level of $100,000, Cryptocurrency The market is full of speculation about its next moves. Prominent cryptocurrency analyst Ali Martinez recently outlined possible scenarios for Bitcoin’s future, suggesting that a sharp correction may be on the horizon.
Cryptocurrency experts point out their concerns
In recent social media posts Highlight Written by Martinez Many well-known analysts have indicated that Bitcoin may see a significant decline. Martinez pointed to bearish sentiment within the market, noting that Bitcoin could fall to a low of $60,000.
Tone Vays, a respected figure in the cryptocurrency space, warned that trading below $95,000 is “very bad,” as it increases the likelihood of a correction toward $73,000. Likewise, Peter Brandt noted a possible breakdown of the “expanding triangle,” predicting a bounce toward the $70,000 range.
Adding to the bearish outlook, Fundstrat’s Mark Newton suggested that while Bitcoin could eventually reach $250,000 by 2025, it would likely fall to $60,000 in the near term.
Meanwhile, another analyst, known as Intocryptoverse, predicted that Bitcoin may reverse the price action QQQ indicator Invesco offered, with the sudden collapse likely to coincide with President-elect Donald Trump’s inauguration day on January 20.
From an on-chain perspective, the analysis suggests that if Bitcoin price drops below $93,806, it could face an open decline to $70,085, enhancing the possibility of a correction.
It is worth noting that smart investors seem to be preparing for a bearish scenario; Over the past week, more than 33,000 bitcoins worth approximately $3.23 billion were transferred to… Exchanges. Additionally, on December 23 alone, traders made over $7.17 billion in profits.
Bitcoin must recover $100,000 to avoid bearish outlook
Recent data from Binance also shows a notable shift in trader sentiment, with the percentage of traders holding long positions in Bitcoin declining from 66.73% to 53.60%. This decline reflects growing caution among investors as Bitcoin recently fell below a large support area at $97,300.
to Bearish outlook To be invalidated, Martinez asserts that BTC must reclaim this important support area and close above $100,000 on a daily basis. If it can achieve and maintain this level, he believes the cryptocurrency could start a new upward trajectory, potentially reaching $168,500.
Despite the prevailing bearish sentiment, Martinez also presented a more bullish scenario. He noted that a 20% to 30% correction could pave the way for a stronger recovery.
According to him analysisA 30% decline would drop Bitcoin to roughly $65,000 at current trading prices, a level not seen since October. This correction could reset market sentiment and provide a foundation for future growth.
At the time of writing, the market-leading cryptocurrency is trading at $94,560, registering losses of 2% and 3% on the 24-hour and weekly time frames, respectively.
Featured image of DALL-E, chart from TradingView.com
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