Bitcoin whale support includes mid-$60K zone in new BTC price warning

Bitcoin faces a tough battle for support after a macro scare stopped the bull market in its tracks.

Bitcoin ( BTC ) price losses have passed $12,000 in two days, but crypto traders and analysts are now lining up even lower targets . 

BTC price analysis warns $90,000 “not the dip”

Bitcoin panicked both retail and institutional investors with its drop to $96,000 on Dec. 19. Combined crypto liquidations in the 24 hours to the time of writing on Dec. 20 total nearly $900 million, per data from monitoring resource CoinGlass .

Crypto total liquidations (screenshot). Source: CoinGlass

Figures from UK-based investment firm Farside Investors show that the US spot Bitcoin exchange-traded funds (ETFs) saw their biggest net outflows on record at $679 million.

US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors

While the flush was in some ways cathartic, helping to remove excessive speculation, longtime market participants fear that worse is still to come .

Among them is X commentator BitQuant, known for his bullish long-term outlook on Bitcoin and frequently calling for $95,000 before the market broke old all-time highs set in March this year.

In his latest posts , BitQuant warned that BTC/USD is still due a deeper bottom and that the dive to $90,000 seen earlier this month was not it.

“Sorry, but no, $90K was not the dip,” he told another user, asking about where the market could reverse.

A chart originally uploaded on Dec. 10 used Elliott Wave theory to project a possible BTC price downside to the mid-$80,000 range next.

“For those not planning to buy the next dip, I recommend stepping away from the charts and enjoying life until the spaceship to the moon is refueled,” part of the accompanying commentary said.

BTC/USD 4-hour chart. Source: BitQuant/X

Even lower targets come from onchain data platform Whalemap.

Analyzing areas of major accumulation by large-volume investors after the latest drop, the Whalemap team flagged an area of interest 30% below current spot prices.

“Onchain Volume Profile is showing a massive accumulation of Bitcoin at 60k-67k. And another new accumulation range forming at current prices,” it wrote on X.

“So for long term HODLers out there - risk reward is well defined on the macro scale - no go below 60ks anytime soon.”

BTC/USD chart. Source: Whalemap/X

Bitcoin, crypto among “extremely vulnerable” assets

As Cointelegraph reported , shifts in US macro policy have served to cut short a broad risk-asset rally, which observers felt was increasingly irrational.

The Federal Reserve sparked the reversal by reducing its forecast pace of interest-rate cuts for 2025 amid resurgent inflation markers.

Related:  Bitcoin analysis: Start selling BTC when this key metric hits 4%

“While it is easy to blame the sell-off on the Fed’s hawkish cut, we believe the root cause of the morning’s crash to be market’s overly bullish positioning,” trading firm QCP Capital summarized in its latest bulletin to Telegram channel subscribers. 

“Since the election, risk assets have enjoyed an impressive one-sided run, leaving the market extremely vulnerable to any shocks.”

BTC/USD 1-day chart. Source: Cointelegraph/TradingView

BTC/USD traded at around $97,000 at the time of writing on Dec. 20, per data from Cointelegraph Markets Pro and TradingView , flat versus the daily open.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.