Coinspeaker
Bitcoin at $94K: Experts Warn of Drop to $70K if Support Fails
Bitcoin
BTC
$93 788
24h volatility:
1.3%
Market cap:
$1.86 T
Vol. 24h:
$36.65 B
struggling under the $100K level has triggered a sharp pullback, raising concerns about its ability to hold key support levels. With bearish signals dominating and liquidation events surging, the price now faces critical zones.
While short-term risks point to a drop as low as $70,000, some experts remain optimistic about a long-term rally by 2025.
Bitcoin Price Analysis Hints at $90K Breakdown
With a bullish failure to reach the $100,000 mark, the higher price rejection from $99,881 resulted in a 3.71% pullback last night. This creates a bearish engulfing candle and completes a leading share pattern.
Undermining the price recovery this week, the BTC price continues in a bearish trend. With an intraday pullback of 1.11%, the BTC market price is down to $94,624.
This creates a second consecutive bearish candle and is testing the nearest crucial support level of $94,403. Meanwhile, it is also approaching the 50-day EMA line, priced at $93,170.
Amid the increasing bearish influence, the daily RSI line is down under the halfway level and warns of a downtrend continuation. Despite providing multiple bouncebacks, the 50-day EMA line remains the final support before the retest of the $90,000 support level.
Amid the increasing bearish influence, the crypto market in the last 24 hours has lost $251 million in liquidations, out of which $200 million are liquidated from the long-side investors. This reveals a market-wide selling spree, threatening a bearish start to 2025.
Expert Opinions on Bitcoin’s Future
Amid the increasing chances of a bearish comeback to the $90K support level, multiple market analysts are supporting the bearish narrative. In a recent tweet by Ali Martinez, an independent analyst, multiple spokespersons are highlighting the bearish clouds over Bitcoin.
In a recent video, Tone Vays, a former Wall Street quant trader, is highlighting the current conditions in Bitcoin as cataclysmic. The analyst believes if Bitcoin starts to trade below the $95K level, it is going to turn very, very bad because it increases the possibility of Bitcoin extending the correction phase to the $73K level.
Likewise, a well-known technical analyst, Peter Brandt, has said that Bitcoin is making a broadening triangle pattern in the daily chart. The support level for this stands at the $90K support level.
In case BTC price breaks under this, a possibility of retesting the $70K levels is possible. The price chart estimates a drop to $76,614.
Despite the technical analysts believing short-term correction, Thomas Lee has strengthened his view on Bitcoin reaching $250K in 2025. However, Chartered Market Technician Mark Newton estimates Bitcoin to take a downswing to $60K before the parabolic rise.
And finally, Benjamin Coven, believes the BTC price is likely to flash crash to $60K near Donald Trump’s inauguration day.
On-Chain Data and Key Levels
The Bitcoin price, based on the on-chain data, reveals $70,000 as a potential drawdown target if BTC starts trading below $93,806. In an old tweet on December 22, Ali Martinez highlighted a key support zone between $93,806 and $97,041.
This is based on the UTXO Realized Price Distribution. If this critical demand area doesn’t hold up, the nearest significant support is present near the $70,085 level.
Amid the turning tables in the crypto landscape, some savvy investors have sent 33,000 BTC to exchanges over the past week. This is valued at $3.23 billion.
Meanwhile, others have also started to book profits when, on December 23 alone, $7.17 billion in BTC profits were realized.
Conclusion
Bitcoin faces critical support at $94,403 and the 50-day EMA at $93,170, with a break below potentially leading to a retest of $90K or even $70K, as highlighted by experts like Tone Vays and Peter Brandt.
While short-term bearish risks dominate, long-term optimism persists, with projections of a parabolic rise to $250K by 2025 from analysts like Thomas Lee. Traders should watch key levels closely to navigate the current uncertainty.
Bitcoin at $94K: Experts Warn of Drop to $70K if Support Fails
