Bitcoin’s price has been struggling recently, experiencing a noticeable decline over the past two weeks. As BTC dropped to $95,120, the crypto enthusiast is in fear of a massive crash ahead. A prominent crypto analyst Ali Martinez shared that several prominent figures in the crypto industry have warned that Bitcoin’s price could potentially fall to $60K.
Drop Below $95K Could Trigger Crash
Ali Martinez highlights a prediction from Tone Vays, a well-respected figure in the crypto space. Vays warns that if Bitcoin’s price falls below $95,000, it could set the stage for a sharp correction down to around $73,000.
Some investors are already preparing for this possibility. In fact, over the past week, more than 33,000 Bitcoins, worth around $3.23 billion, were moved to exchanges, suggesting that traders are preparing for further decline.
A Repeat of the 2018 Crash?
Another notable figure mentioned by Martinez is Peter Brant, a veteran trader who famously predicted the Bitcoin crash in 2018. Brant has voiced concerns that Bitcoin might break below a key technical pattern, the expanding triangle, which could lead to a drop to around $70,000.
Interestingly, on December 23rd alone, Bitcoin saw over $7.1 billion in realized profits, which could indicate that many traders are capitalizing on the current volatility.
Could Bitcoin Hit $60,000?
Martinez also brings up predictions from Mark Newton, Managing Director at Fundstrat, and analyst Benjamin Cohen. Both have expressed concerns that Bitcoin’s price could eventually fall to the $60,000 range.
Cohen suggests Bitcoin’s price could follow a similar path to other assets like the QQQ, which could result in a crash around the time of political events, such as on Donald Trump’s presidential oath days.
Yet, Bullish Hope for Bitcoin!
Despite the bearish predictions, out that Bitcoin recently broke a key support level at $97,300. For the bearish outlook to be avoided, Bitcoin would need to rise above this level and stay above $100,000.
If this happens, Bitcoin could see a new rise, with some experts predicting prices could reach $168,500.
Amidst fears of a crypto crash, Bitcoin’s Fear and Greed Index remains in the “Greed” zone at 74. This suggests that some traders are still hopeful and believe Bitcoin could experience a massive breakout soon.
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