The price of Bitcoin has been struggling recently, experiencing a notable drop over the past two weeks. With BTC dropping to $95,120, cryptocurrency enthusiasts are worried about a massive crash in the future. Ali Martinez, a well-known cryptocurrency analyst, shared that several prominent figures in the cryptocurrency industry have warned that the price of Bitcoin could drop to $60,000.
A break below $95,000 could trigger a crash
Ali Martinez highlighted a prediction by Tone Vays, a well-respected figure in the cryptocurrency space, who warned that if the Bitcoin price falls below $95,000, a sharp correction to around $73,000 is possible.
Some investors are already preparing for this possibility. In fact, over 33,000 bitcoins (worth about $3.23 billion) have been transferred to exchanges in the past week, indicating that traders are preparing for further declines.
Is a repeat of the 2018 crash coming?
Another key figure mentioned by Martinez is veteran trader Peter Brant, who predicted the 2018 Bitcoin crash. Brant is concerned that Bitcoin may fall below a critical technical pattern—the extended triangle, which could lead to prices dropping to around $70,000.
Interestingly, on December 23 alone, Bitcoin made over $7.1 billion in profit, which may suggest that many traders are taking advantage of the current volatility.
Can Bitcoin reach $60,000?
Martinez also mentioned predictions from Fundstrat Managing Director Mark Newton and analyst Benjamin Cohen. Both expressed concerns that Bitcoin's price could eventually drop to around $60,000.
Cohen believes that Bitcoin's price may trend similarly to other assets like QQQ, potentially leading to a Bitcoin crash during political events (e.g., Donald Trump's presidential inauguration).
However, hope for Bitcoin remains strong!
Despite bearish predictions, Bitcoin recently broke through the key support level of $97,300. To avoid a bearish outlook, Bitcoin needs to break this level and stay above $100,000.
If this happens, Bitcoin could see a new rise, with some experts predicting prices could reach $168,500.
Amid concerns about a cryptocurrency crash, Bitcoin's Fear and Greed Index remains in the 'Greed' zone at 74. This suggests that some traders still hold hope and believe Bitcoin may soon experience a major breakout.