This analysis highlights a potential scenario where the price of Bitcoin (BTC) could drop below 90,000 USD before entering a new recovery phase. Some key points from the article:
1. Current trend: The cryptocurrency market is at the end of the year, which typically tends to be bullish. However, the current market sentiment is quite sluggish, with low trading volume and hesitation from buyers.
2. Technical indicators:
• RSI (Relative Strength Index): RSI is decreasing, indicating that selling pressure remains dominant and prices may continue to decline.
• MACD (Moving Average Convergence Divergence): Indicates a balance between buying and selling pressure, but sellers still have control.
3. Support and resistance levels:
• Temporary support: 93,600 USD.
• Potential price level: The price could drop below 90,000 USD if the current support level is not maintained.
4. Market expectations:
• A 5% drop could attract more liquidity and motivate buyers to participate in the market.
• Prices below 90,000 USD are seen as a good opportunity to accumulate before Bitcoin is likely to enter a new growth cycle.
5. Market sentiment: Uncertainty, coupled with the shift of funds to altcoins, could weaken Bitcoin's bullish momentum.
Short-term prediction
If Bitcoin breaks the current support level, the price is likely to continue falling to test lower levels. However, this could be an opportunity for long-term investors to take advantage of lower prices in preparation for a potential recovery in 2025.