Bitcoin Price Breaks Below $93K Amid Warnings About a Crash to $74K
The altcoins continue to bleed out, with ETH dumping below $3,300, BNB losing the $700 mark, while DOGE and SOL have dropped by over 8% each. The total crypto market cap has lost nearly $400 billion in 36 hours
Popular crypto analyst Ali Martinez highlighted this crash, which could trigger the implementation of a bearish head and shoulders pattern for bitcoin.
He asserted that the cryptocurrency had dumped below a coveted support line formed between $95,400 and $98,400, where over 1.5 million BTC was acquired by nearly 1.8 million addresses.
As such, the analyst outlined $92,000 as the next pivotal support level that needs to hold; otherwise, bitcoin risks dropping to $74,000 as there’s not much support until that level, given the asset’s rapid ascent since the US elections.