Cryptocurrency markets are rife with speculation, and Bitcoin is no exception. Analyst Ali Martinez recently outlined a series of bearish predictions for Bitcoin’s price, echoing the concerns of several leading analysts.
While some remain bullish on the long-term prospects of the largest cryptocurrency, short-term forecasts paint a potentially significant bearish picture.
Many analysts have expressed concerns about Bitcoin’s recent price action. Tone Vays suggests that trading below $95,000 is a very negative sign, increasing the possibility of a correction to $73,000. Peter Brandt echoes this sentiment, pointing to a potential “expanding triangle” formation that could lead to a pullback to $70,000. Mark Newton is predicting an even steeper drop to $60,000, while Benjamin Cowen suggests a potential “flash crash” to the same level, which he says could coincide with Donald Trump’s potential inauguration.
This bearish trend appears to be supported by on-chain data, with Martinez noting that there is little support below $93,806 down to $70,085. Adding to the concerns, over 33,000 Bitcoin worth over $3.23 billion has flowed into exchanges over the past week, potentially signaling a sell-off. The profit-taking trend has also been evident, with over $7.17 billion worth of Bitcoin profits made on December 23 alone. Further reinforcing this trend, the percentage of long positions on Binance has decreased significantly, from 66.73% to 53.60%.
Despite the prevailing bearish trend, some analysts remain bullish in the long term, with Tom Lee, for example, predicting that Bitcoin will reach $250,000 by 2025.
Martinez highlights a key technical level for Bitcoin: the $97,300 support zone. He argues that Bitcoin needs to reclaim this level and, most importantly, make a daily close above $100,000 to invalidate the bearish view. If that happens, Martinez believes a new uptrend could push Bitcoin toward $168,500.
*This is not investment advice.
