While Bitcoin ($BTC) is approaching a critical support level, the market data ignites speculations about the next noteworthy support level. According to a prominent crypto analyst Ali, falling below the crucial level of up to $88,000 could lead to the next critical support zone of $71,000. The analyst considers the $88K mark as a psychological level dropping which could trigger the $71,000 as the next spot for support.
If #Bitcoin $BTC falls below $88,000, the next major support level lies at $71,000, according to the MVRV Pricing Bands. pic.twitter.com/QdphZhRcT2
— Ali (@ali_charts) January 1, 2025
Holding on Bitcoin’s Present Support Zone of $88,000 Suggests a Market Stability
The crypto analyst asserted that the top crypto asset is at the moment experiencing an important price zone. At $88,000, Bitcoin has a possibility of dipping further. In this respect, a breach could pave the way for a sudden sentiment shift among the investors. Based on this, the market could go through an intensified selling pressure. Based on the MVRV Pricing Bands, this could lead to $71,000 to act as the upcoming support level for Bitcoin’s price. Thus, the $88,000 level plays the role of a technical barrier to the price stability. This signifies that maintaining this level is a notable factor for the further price growth.
Plunge Below $88K Could Push Toward $71,000 as Next Support Level
Keeping this in view, holding on the above-mentioned level would indicate investor confidence. Hence, it could contribute to the overall market momentum. On the other hand, if Bitcoin witnesses a breach at the above-mentioned point, the volatility could surge. As a result of this development, the market could see more liquidations. Ultimately, this could push toward the next support area at $71,000.
