Bitcoin, the leading cryptocurrency has struggled to maintain a rising pattern in the last few weeks. The flagship cryptocurrency recently dipped to $92k before recovering to its present price level of $95,000.

Following the disturbing movement, crypto expert analysts have predicted a likely scenario where Bitcoin could plummet below $60k. The insights, shared on X, have caused panic among investors as they wonder what is next for the coin.

Brace For a Possible Drop to the $70K Range

In a recent post on X (formerly Twitter), Ali Martinez, commonly known as Ali Chartz, shared analysis and predictions from several crypto experts, all pointing to a possible decline below $70,000, and as low as $60k.

He first cited Tone Vays, a prominent derivatives trader, who noted that Bitcoin’s trading below $95k is very disturbing because, at this level, the probability of BTC dropping to $73,000 is highly probable.

#Bitcoin $BTC will CRASH to $60,000!!!At least, that's what some of the most renowned analysts are saying. Let's dive in

— Ali (@ali_charts) December 26, 2024

His second reference was another respected crypto analyst, Peter Brandt. Brandt who previously predicted the Bitcoin crash in 2018 offered his insight into a possible Bitcoin future trajectory.

According to him, Bitcoin’s technical chart suggests that the coin could fall toward the $70k region, citing a right-angled broadening triangle that could lead to a test of the parabolic modality.

Bitcoin Technical chart | Source: Peter Brandt

Data from several crypto transaction trackers suggests that investors are bracing themselves for this likely event. Over the past seven days, over 33k BTC, valued at approximately $3.2 billion were moved from external wallets to crypto exchanges highlighting a major sell-off event.

Moreover, Ali Martinez gave his forecast, stressing that Bitcoin’s correction to $70k is very possible since a drop below the support level of $93,806 is an “open air” to a $70,085 crash.

Bitcoin $60K Crash on Trumps Inauguration Day

Meanwhile, Martinez shared another analysis from Benjamin Cowen, the founder of Into The Cryptoverse. Cowen believes that Bitcoin could imitate the price action of other stocks like Invesco (QQQ), stressing that a possible crash to $60k could happen on the day of Trump’s inauguration.

Martinez also notes that a significant number of investors are taking profits at this stage. As per shared statistics, over $7.17 billion in profits were withdrawn as of December 23.

A Bullish Outlook for Bitcoin

Amid the wave of bearish predictions, Martinez also highlighted a bullish forecast by another prominent crypto figure.

Thomas Lee, the CIO of Fundstrat Capital, believes that even though BTC could decline toward $60k, the coin would surge to a new high of $250k in 2025, triggered by several favorable factors.

At the time of writing, the price of Bitcoin was at $95,731, suffering a 1.08% decline in the last 24 hours. Also, BTC is down by 1.30% in the last seven days, and up by 2.61% in the last 30 days.

Bitcoin daily chart | Source: Coinmarketcap

The post Caution: Multiple Experts Predicts Bitcoin’s Likely Crash to $60K appeared first on Coinfomania.

Russia bans crypto mining in 10 regions from Jan 2025 to prevent energy blackouts, effective until 2031.

Seasonal crypto mining restrictions will apply in Siberia's Irkutsk, Buryatia, and Zabaikalsky during peak winters.

Key mining hubs like Irkutsk remain operational, safeguarding major players like BitRiver from full restrictions.

The Russian government has banned mining of cryptocurrencies in ten regions of the country for the next six years starting from January 1, 2025. This decision has been made to tackle increasing energy issues and possible shortage of power as a result of mining expatriates. The ban has been imposed until March 15, 2031.

Blanket Bans and Seasonal Restrictions

The complete ban on mining will affect the areas such as Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia, Chechnya, Donetsk, Lugansk, Zaporizhzhia, and Kherson. Large mining pools and solo miners will be prohibited from directly running these places.

In addition to the blanket ban, the government introduced seasonal restrictions in three Siberian regions: Irkutsk, Buryatia, and Zabaikalsky. These regions will face partial mining restrictions during winter months to manage peak electricity consumption. From January 1 to March 15, 2025, operations will be curtailed. There is also an extended restriction period from November 15 to March 15 in subsequent years.

Adjustments to Previous Plans

The latest policy represents a refined version of earlier proposals. Initially, lawmakers considered banning mining in 13 regions. This includes Irkutsk, which is known for its cheap electricity and serves as a hub for major mining operations.

Key industry players, such as BitRiver, rely heavily on the Irkutsk region's affordable energy supply. The region hosts one of BitRiver's largest data centers, which began operations in 2019 in Bratsk. While the seasonal restrictions present challenges, they still allow mining activity outside peak energy demand periods.

Energy and Economic Considerations

The government’s decision reflects an effort to balance energy stability with economic benefits from cryptocurrency mining. By implementing seasonal controls rather than a complete ban in critical regions, authorities aim to sustain mining's economic contributions. This move avoids energy crises.

Industry experts predict these measures may push smaller operations out of restricted zones, while larger players might consolidate their activities in permitted regions. The long-term impact on Russia’s crypto mining sector remains uncertain, as operators adjust to the new regulatory framework.

The Russian government's strategy underscores a growing global trend of regulating cryptocurrency mining. This helps to address environmental and energy challenges while maintaining economic opportunities.

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