Bitcoin’s price has experienced a notable decline of over 8.5% in the past four days, dipping from its recent peak above $100,000. Currently, analysts are focusing on the $90,000 level as a potential area for the cryptocurrency to find support. This recent downturn has sparked discussions on whether Bitcoin’s current price level is a temporary peak and if further declines are imminent.
Market analysts suggest that Bitcoin may retest the $90,000 mark, which some view as a critical support zone. Analyst AlphaBTC highlighted that Bitcoin’s price had dropped through the $97,000 to $95,000 support range and questioned if it might continue to slide before reaching $90,000. Other analysts, including Emperor, point out that Bitcoin’s ongoing reduction in leverage could facilitate a significant bounce around the $90,000 level.
The founder of MN Capital, Michael van de Poppe, anticipates Bitcoin might dip into the $90,000 to $92,000 range, with another potential support area near $85,300. Meanwhile, Julio Moreno from CryptoQuant noted a decline in traders’ unrealized profit margins on-chain, coinciding with Bitcoin’s price correction. He mentioned a short-term price target of around $88,000, which aligns with the traders’ realized price.
Further analysis shows a potential head-and-shoulders pattern emerging on the daily chart, which could push Bitcoin’s price down to $73,000 if the pattern plays out. Analysts like Peter Brandt and Micro2Macr0 have identified this pattern, suggesting lower targets if Bitcoin fails to maintain the $90,000 level. Among potential lower points, these include $84,885 and $72,962, correlated with the 100-day and 200-day simple moving averages.
Trader and analyst Aksel Kibar indicates a last line of defense around $73,700, suggesting this could be the lowest point Bitcoin might reach without an immediate rebound. This price corresponds with a previous all-time high for the cryptocurrency, indicating a critical juncture where the downside might stabilize.
Overall, while uncertainties persist around Bitcoin’s price movements, analysts remain attentive to key support zones that will likely determine its short-term trajectory. Investors are advised to carefully monitor these levels and consider inherent risks before making any trading decisions.
