Cryptocurrency Markets Drop as Bitcoin (BTC) Price Drops Below $94,000; Have the $90,000 goals been activated?
![Cryptocurrency Markets Drop as Bitcoin (BTC) Price Drops Below $94,000; Have the $90,000 goals been activated? 1 Cryptocurrency Markets Drop as Bitcoin (BTC) Price Drops Below $94,000; Have the $90,000 goals been activated?](https://cryptify.ws/wp-content/uploads/2024/12/Cryptocurrency-Markets-Drop-as-Bitcoin-BTC-Price-Drops-Below-94000.webp-780x470.webp)
The beginning of the week showed the potential for a pre-Christmas rally, but as trading continued, the bears gained massive strength. the Bitcoin priceWhich broke above the bullish pattern, fell and reached a lower support level. In such a scenario, the markets are largely considered to be about to enter a bearish range; Therefore, the price of Bitcoin is expected to fall below $90,000. However, technical indicators have turned bearish, which may confirm the validity of the bearish scenario for the token.
3 days of BTC weakness wiped out more than 3 weeks of altcoin gains. Furthermore, the token threatens to lose both lower support levels at times when it was just days away from confirming its first price discovery correction. Now over $1 billion has evaporated from the markets, with ETFs recording over $671.9 million from the outlaws in a single day as Bitcoin prices plummet.
Does this indicate that the Bitcoin dump may get worse?
Popular analyst Crypto Rover compares the current price action to that of the previous year in December 2023 and suggests that it could be the best opportunity to buy. The price of Bitcoin saw a similar decline after bulls launched a strong rebound in October. The pullback drained nearly 15% at the time, leading to a rally of more than 90% in the following two months, forming new highs near $74,000. However, to stimulate the rally, the price fell another 10% to hit the bottom.
Therefore, if Bitcoin price reverses the previous high, the price is expected to fall another 10% and set the bottom between $85,000 and $88,000. Hence, the bulls are expected to enter and spark a strong rebound, forming new highs above the speculative ATH at around $125K. However, the price has formed another magnifying pattern, and if it bounces from the current range, a rally above $110,000 could be imminent, crushing the bearish narrative.
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