Bitcoin’s price surged to nearly $100,000 on Christmas Day, fueling speculation of a potential rally to $110,000.
However, renowned analysts are sounding the alarm, predicting a drastic correction to $60,000.
#Bitcoin $BTC will CRASH to $60,000!!!
At least, that's what some of the most renowned analysts are saying. Let's dive in 👇🧵
— Ali (@ali_charts) December 26, 2024
Tone Vays believes that trading below $95,000 is a ominous sign, increasing the likelihood of a downturn to $73,000.
Peter Brandt echoes this sentiment, warning of a potential breakdown below $70,000. Meanwhile, Fundstrat’s optimistic forecast of $250,000 by 2025 is tempered by Mark Newton’s prediction of a near-term drop to $60,000.
Is Bitcoin Gearing For A Major Dip?
On-chain analysis suggests that a correction to $70,000 is plausible, with a significant support zone breached at $97,300. Savvy investors appear to be bracing for impact, with over 33,000 bitcoins worth $3.23 billion flowing into exchanges in the past week. Profit-taking is also on the rise, with $7.17 billion in bitcoin profits realized on December 23 alone.
🧑🎄📈 Bitcoin has jumped to as high as $99.8K on a bullish Christmas crypto performance. Traders are now swinging bullish once again, with speculation of $110K getting rampant. Historically, we will see $110K Bitcoin only after the crowd doesn't expect it, as this image shows. pic.twitter.com/j4w3VQ4Zio
— Santiment (@santimentfeed) December 26, 2024
For the bullish outlook to prevail, bitcoin must reclaim its critical support zone and sustain a daily close above $100,000. If achieved, this could pave the way for a new leg up to $168,500. However, the bears are circling, and a failure to reclaim this level could spell disaster for the cryptocurrency.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: skorzewiak/123RF // Image Effects by Colorcinch
