Bitcoin has faced significant challenges recently, with its value dropping noticeably over the past fortnight. As Bitcoin (BTC) hit $95,120, the crypto community is on edge, fearing a potential market crash. Notably, crypto analyst Ali Martinez has pointed out warnings from several industry experts, suggesting that Bitcoin’s price might plummet to $60,000.
Drop Below $95K Could Trigger Crash
Ali Martinez draws attention to a forecast from Tone Vays, a respected voice in the crypto world. Vays cautions that if Bitcoin’s price dips below the $95,000 mark, it could pave the way for a steep correction, possibly bringing the price down to approximately $73,000. Investors are already bracing for this scenario. In the past week alone, over 33,000 Bitcoins, valued at approximately $3.23 billion, have been transferred to exchanges, signaling traders’ anticipation of further declines.
A Repeat of the 2018 Crash?
Martinez also references Peter Brant, a seasoned trader known for accurately predicting the 2018 Bitcoin crash. Brant has expressed concerns about Bitcoin potentially breaching a critical technical pattern known as the expanding triangle, which could trigger a descent to around $70,000. Despite clarifying that his comments are possibilities rather than predictions, Brant has caught the attention of many traders. On December 23rd, Bitcoin saw realized profits exceeding $7.1 billion, suggesting that traders are seizing opportunities amid the current volatility.
Could Bitcoin Hit $60,000?
Furthermore, Martinez discusses insights from Mark Newton, Managing Director at Fundstrat, and analyst Benjamin Cohen. Both analysts have voiced concerns that Bitcoin’s price may eventually descend to the $60,000 range. Cohen highlights the possibility that Bitcoin might mirror the trajectory of other assets like the QQQ, potentially resulting in a downturn around significant political events, such as presidential oath-taking ceremonies.
Yet, Bullish Hope for Bitcoin!
Despite the bearish forecasts, there remains a glimmer of hope for Bitcoin. Notably, Bitcoin recently surpassed a crucial support level at $97,300. To avert a bearish trend, Bitcoin must rise above this threshold and maintain a position above $100,000. If this occurs, Bitcoin could experience a resurgence, with some experts projecting that prices could soar to $168,500. Amid fears of a crypto crash, Bitcoin’s Fear and Greed Index remains in the “Greed” zone at 74, indicating that some traders remain optimistic and anticipate a potential breakout.
