1. Price Stability: Bitcoin is currently trading around $94,096, down by 1.89% in the past 24 hours. This indicates a period of price stability, where it is neither rising nor falling significantly.
2. Potential Drop to $75,000: If Bitcoin breaks below the $90,000 support level, it may experience further downward movement and potentially drop to $75,000 due to a lack of stronger support levels in between.
3. Pullback to $90,000: Alex Kuptsikevich from FxPro predicts that Bitcoin may pull back to $90,000 in the coming weeks, which could serve as an attractive level for buyers to stop the sell-off.
4. Shift to Altcoins: QCP Capital analysts suggest that if Bitcoin continues to struggle or drop, there could be a rotation towards altcoins. A similar pattern occurred when the Ether/Bitcoin ratio bounced off the 0.032 support, triggering movement in altcoins.
5. Bullish Outlook for 2025: Matrixport believes that if Bitcoin’s price remains no more than 20% below its recent peak, it could serve as a strong re-entry point for the bull market and set the stage for a potential rally in 2025.
In summary, while a drop to $90,000 may seem concerning, it could also provide an opportunity for buyers, and the long-term outlook for Bitcoin remains positive, with the potential for a rally in the near future.