"BTC Price Analysis Warning: $90,000 is not the bottom, risks remain"

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On December 19, Bitcoin fell 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 firm Farside Investors shows that the US spot Bitcoin exchange-traded fund (ETF) has seen 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 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 out of its all-time high in March this year.

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

“Sorry, $90k was not the drop,” he told another user, asking about a possible reversal in the market.

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

The accompanying comment read: “For investors who are not looking to buy the dip, I suggest they stay away from the charts and enjoy life until the spaceship to the moon is refueled.”

The even lower target comes from on-chain data platform Whalemap.

By analyzing the areas where large investors bought heavily after the most recent drop, the Whalemap team marked an area of ​​interest 30% below the current spot price.

“Onchain volume profile shows that Bitcoin is accumulating heavily at 60k-67k. And another new accumulation range is forming at the current price,” it wrote on X.

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