In approximately 2 days, Bitcoin, the main digital currency, has lost all its gains from the beginning of the year and dropped below $92,000.
Recently, it appears that many alternative cryptocurrencies are facing significant challenges, leading us to ponder once more if the current bull run might have come to an end.
Since hitting an all-time peak of over $108,000 on December 17th, Bitcoin’s trend has mainly been bearish, causing it to reach a monthly low of $91,300 on the previous Monday.
In the subsequent days, it surged and even reached beyond $100,000 earlier this week, but this surge proved temporary because the general market mood continues to be pessimistic.
The price drop at $100,000 significantly pushed the asset downward, resulting in a loss of several thousand dollars over the past few days. Notably, bitcoin dipped below $92,000 for the first time this year earlier today, effectively wiping out over $10,000 since its peak on Tuesday.
crypto expert Ali Martinez cautioned that Bitcoin has broken through the $92,500 support threshold, suggesting potential difficulties for the digital currency. He further hypothesized that Bitcoin could drop below $90,000 and potentially fall even lower to around $80,000 within the upcoming weeks.
The $92,500 support broke, you know where next!
— Ali (@ali_charts) January 9, 2025
Others seemed more optimistic, hinting that Bitcoin had not yet reached its maximum point in this cycle. Mags shared with their 101,000 followers on X platform that bitcoin is still gathering strength and is currently testing the local bottom, which represents a buying opportunity for the subsequent rise.
#Bitcoin – Don’t miss the bottom again!
In this particular cycle, Bitcoin (BTC) has moved into its sixth phase. After hitting a low of around $15,500, each subsequent increase in value has been followed by a period of consolidation or stabilization.
Each range = sideways price action, fakeouts (both sides), then a breakout.
We’re now in the 6th range, and…
— Mags (@thescalpingpro) January 9, 2025
Crypto Rover was also on the bulls’ side, indicating that the “next move higher is imminent.”
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2025-01-09 17:32