#BTC
BTC price analysis warns $90,000 “not the dip”
Bitcoin panicked both retail and institutional investors with its drop to $96,000 on Dec. 19. Combined crypto liquidations in the 24 hours to the time of writing on Dec. 20 total nearly $900 million, per data from monitoring resource CoinGlass.
Figures from UK-based investment firm Farside Investors show that the US spot Bitcoin exchange-traded funds (ETFs) saw their biggest net outflows on record at $679 million.

While the flush was in some ways cathartic, helping to remove excessive speculation, longtime market participants fear that worse is still to come.

Among them is X commentator BitQuant, known for his bullish long-term outlook on Bitcoin and frequently calling for $95,000 before the market broke old all-time highs set in March this year.

In his latest posts, BitQuant warned that BTC/USD is still due a deeper bottom and that the dive to $90,000 seen earlier this month was not it.

“Sorry, but no, $90K was not the dip,” he told another user, asking about where the market could reverse.

A chart originally uploaded on Dec. 10 used Elliott Wave theory to project a possible BTC price downside to the mid-$80,000 range next.

“For those not planning to buy the next dip, I recommend stepping away from the charts and enjoying life until the spaceship to the moon is refueled,” part of the accompanying commentary said.

Even lower targets come from onchain data platform Whalemap.

Analyzing areas of major accumulation by large-volume investors after the latest drop, the Whalemap team flagged an area of interest 30% below current spot prices.

“Onchain Volume Profile is showing a massive accumulation of Bitcoin at 60k-67k. And another new accumulation range forming at current prices,” it wrote on X.