Will Bitcoin price plummet to $60,000?

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A comprehensive analysis of top analysts and on-chain data shows that Bitcoin price may plummet to $60,000-70,000 before Trump's inauguration on January 20, 2025. This prediction is based on multiple factors, including technical weakness, market sentiment changes, a surge in exchange reserves, and investor profit-taking. Here are the relevant analysis details:

1. Bitcoin's key support level breakthrough

Bitcoin price fell below the psychological barrier of $100,000 after Christmas and continues to be under strong selling pressure. Market analysts pointed out that Bitcoin's key support level is between $97,041 and $93,806, but it currently lacks sufficient momentum to support its rise. If Bitcoin fails to hold this support range, the price may fall rapidly, and the target may reach $70,085. This trend reflects the market's weakness and bearish sentiment.

2. Crash signal from on-chain data

On-chain data also shows that there is a greater downside risk to the price of Bitcoin. Analysts such as Ali Martinez believe that the current on-chain data of Bitcoin shows weakness, especially when the price climbed to $100,000, the market did not see enough capital inflow to support further increases. On the contrary, the increase in exchange reserves indicates that more and more Bitcoin in the market is being transferred to exchanges, which is usually a signal of increased selling pressure.

3. The surge in exchange reserves and investor profit-taking

In the past week, more than 33,000 Bitcoins (equivalent to $3.23 billion) were transferred to exchanges, showing that investors are ready to sell. As the price of Bitcoin hit an all-time high, some investors in the market chose to take profits, and this phenomenon was particularly evident during the holidays. According to Martinez's analysis, on December 23, Bitcoin investors made a total of more than $7.17 billion in profits, showing that the market's profit sentiment is increasing.

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