"Bitcoin whale support revealed: mid-$60,000 region becomes key price warning"

Click on the avatar live to watch the live broadcast and chat!

On December 19, Bitcoin rose to $96,000, causing panic among retail and institutional investors. According to data from monitoring resource CoinGlass, the total cryptocurrency liquidation in the 24 hours to the time of writing on December 20 was close to $900 million.

Data from British investment company Farside Investors even showed that the US spot Bitcoin exchange-traded fund (ETF) saw its largest net outflow ever, reaching $679 million.

While the boom has acted as a catharsis to some extent, helping to eliminate excessive speculation, long-term market participants are worried that worse is yet to come.

Among them is the well-known X commentator BitQuant, who is known for his long-term bullish view on Bitcoin and often predicted that Bitcoin would reach $95,000 before the market broke through its all-time high in March this year.

In its latest post, BitQuant warned that BTC/USD is still in for a deeper bottom — even the drop to $90,000 earlier this month was not the case.

“Sorry, $90,000 is not a drop,” he told another user, asking about a possible market reversal.

The chart originally uploaded on December 10 used the Elliott Wave Theory to predict that BTC prices could fall to the mid-$80,000s.

The reversal was triggered by the Federal Reserve lowering its expectations for the pace of rate cuts in 2025, amid a resurgence in inflation indicators.

Click on the avatar live to watch the live broadcast and chat!