- Bitcoin hits next support cluster.
- Bearish expectations now outweigh bullish expectations.
- Bounce could play out, but greater bottom prices are expected.
The pioneer crypto asset, Bitcoin (BTC), dipped below the $90,000 price range today and traded as low as 89,500. At this point, one analyst states that Bitcoin hits the next support cluster at this price level. As for what is expected next, the price of Bitcoin is likely to fall to even lower price levels, which the majority of analysts are expecting. On the contrary, only a handful of analysts expect a price and market recovery.
Bitcoin Hits Next Support Cluster
According to CoinMarketCap analytics, the price of BTC fell below $95,000 yesterday and fell below $90,000 today. At the moment, the price of BTC is trading in the $89,700 price range, signifying that the price of Bitcoin has fallen by over 5% in the last 24 hours. Presently, the asset is boasting a total market cap of $1,788,846,568,149.36, and a 24-hour trading volume of
As we can see from the post above, this popular trader and analyst says that the Bitcoin price falling to the $90,000 – $88,000 price range marks how Bitcoin has entered its next support cluster. The analyst then goes on to highlight how Bitcoin has broken below the standard 5th wave and C wave targets, and how this means the next levels to watch are the extensions: at $90,000 (extended 5th 1:1) and $88,000 (1.236 extended C).
She sheds light on the fact that both are completely valid zones to finish the ABC correction, and this would give altcoins like XRP room to reach their macro supports as well. The analyst then confirms that the low is in, and a clean break back above $97,000 is expected. Once BTC finds its bottom, that reclaim should happen very fast, she declares. She concludes by saying the next few hours should give a strong market reaction.
Analysts Predict Greater Dips
On the contrary, other popular analysts are sharing highly bearish expectations . In fact, one states that the next big move is to see BTC fall to the $74,000 – $80,000 price range, and has revealed his big short orders set at the $100,000 – $105,000 price range, in case the market revisits that region before moving lower. He says that bull macro support is lost, and it’s now acting as macro resistance.
Similarly, the analyst in the post above says that the price of Bitcoin could fall to even lower targets in three possible events. These include a moderate case, worst case, and black swan case, where BTC could fall as low as $80,000, $70,000, or $50,000, respectively. The analyst only draws one best-case scenario, which would be a strong BTC price bounce between the $90,000 and $92,000 price range.
