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Crypto Analysts See Bitcoin Price Falling to $70,000; Here’s Why

Crypto Analysts See Bitcoin Price Falling to $70,000; Here’s Why

CryptoNewsNetCryptoNewsNet2024/12/27 04:11
By:cryptonewsz.com

Bitcoin price dived 4% during Thursday’s U.S. market session, currently trading at $95,400. The downtick signals renewed selling pressure in the crypto market and the potential continuation of the correction trend. As the coin price is yet to show a stable bottom support for reversal, several renowned analysts predict a downfall to $70,000 is possible.

According to CoinGecko Data, the BTC market cap currently stands at $1.89 Trillion, while the 24-hour trading volume is at $44.7 Billion.

Key Highlights:

  • Crypto analysts predict a prolonged correction for Bitcoin price, likely to $70,000 levels.
  • The current correction could seek support at the $85,800 and $79,000 levels.
  • The coin price trading above 50% Fibonacci retracement level indicates the buyers remain dominant players in the market.

Crypto Analysts Signal Bearish Momentum for BTC

In a recent tweet, veteran trader Peter Brandt highlights the formation of a broadening triangle pattern in BTC’s daily bar chart. Theoretically, the diverging nature of the two trendlines indicates increasing uncertainty, which leads to a bearish breakdown.

If this happens, the analyst predicts the current correction could enter the $70,000 range.

Crypto Analysts See Bitcoin Price Falling to $70,000; Here’s Why image 0
Bitcoin Analysis| Peter Brandt

Another renowned trader, Tone Vays, believes the Bitcoin price trading below the $95,000 level is “very, very bad” as it increases the probability of a correction to $73,000.

Furthermore, crypto analyst Ali Martinez signals that the key support for BTC is around $97,041 and $93,806. If the price breaks below this floor, the UTXO Realized Price Distribution chart shows the next major support lies at $70,085.

Crypto Analysts See Bitcoin Price Falling to $70,000; Here’s Why image 1

Ali charts also highlighted that over 33,000 BTC ( worth around $3.2 Billion) has been set to exchanges since last week. This inflow to exchanges generally indicates potential selling that could accelerate the bearish momentum.

Crypto Analysts See Bitcoin Price Falling to $70,000; Here’s Why image 2

Bitcoin Price Drop Highlights Key FIB Levels

In the last two weeks, the Bitcoin price plunged from $108,365 to $95,111, registering a loss of 12.3%. The correction trend shows a breakdown below the support of the rising channel pattern, offering sellers firm resistance to bolster further downfall.

A 4% drop today shows the asset’s suitability below $100k, which could drive a prolonged correction to $85,800, followed by $79,000.

Crypto Analysts See Bitcoin Price Falling to $70,000; Here’s Why image 3
BTC/USD -1d Chart

However, the aforementioned level coinciding with 38.2% and 50% FIB indicates the broader market trend is bullish, and buyers could renew exhausted bullish momentum.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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