Cryptocurrency markets are often driven by speculation, and Bitcoin is no exception. Analyst Ali Martinez recently shared the concerns of several prominent analysts, outlining various bearish predictions about Bitcoin’s price.$BTC
While some analysts remain bullish on Bitcoin’s long-term prospects, short-term forecasts point to the possibility of a significant decline.
Many analysts have expressed concerns about Bitcoin’s recent price action. Tone Vays argues that Bitcoin’s drop below $95,000 is a negative sign and that a correction to $73,000 is possible. Peter Brandt echoes this view, drawing attention to the “expanding triangle” formation that could potentially create a pullback to $70,000. Mark Newton, on the other hand, has a more drastic forecast, predicting a drop to $60,000. Benjamin Cowen, on the other hand, says that a sudden crash to the same level could be in line with Donald Trump’s inauguration.
These bearish trends also appear to be supported by on-chain data. Martinez notes that there is little support down to $70,085 if Bitcoin falls below $93,806. It is also emphasized that more than 33,000 Bitcoins worth over $3.23 billion were transferred to exchanges last week, which may indicate an intention to sell. In addition, the profit-taking trend has also been evident, with $7.17 billion worth of Bitcoin profits made on December 23. This trend was further reinforced by the decrease in the long position ratio on Binance from 66.73% to 53.60%.
Despite this, some analysts remain bullish in the long term. For example, Tom Lee predicts that Bitcoin will reach $250,000 by 2025.
Martinez highlights a critical technical level for Bitcoin: the $97,300 support zone. He argues that in order to invalidate the bearish view, Bitcoin needs to reclaim that level and most importantly, make a daily close above $100,000. If that happens, Martinez believes a new uptrend could take Bitcoin to $168,500.
