The new BTC price warning includes Bitcoin well support around $60K
Bitcoin (BTC) faces an uphill battle for support after macro fears stopped the bull market in its tracks.
BTC's price loss has exceeded $12,000 in two days, but crypto traders and analysts are now setting much lower targets.
BTC Price Analysis Warns $90,000 Is ‘Not That Deep'
Bitcoin shocked retail and institutional investors with its trip to $96,000 on December 19. Combined crypto liquidity in 24 hours as of writing on December 20 was nearly $900 million, according to data from wealth tracker CoinGlass.
Crypto total liquidity (screenshot). Source: CoinGlass
According to the figures of Farside Investors, based in the United Kingdom, the American position of Bitcoin exchange-traded funds (ETFs) recorded the highest net flow at $ 679 million.
US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors
The divestment was in some ways cathartic, helping to dispel excessive speculation, while long-term market participants still fear the worst to come.
Among them is the famous X analyst BitQuant, who is known for his long-term view on Bitcoin and is known for repeatedly ringing $95,000 before the market broke the old all-time highs set in March of this year.
In its latest articles, BitQuant warned that BTC/USD is still due to a deep bottom – and it wasn't even after the dive to $90,000 earlier this month.
“Sorry, but no, it wasn't a $90K dip,” he told another user, asking where the market could reverse.
The chart, originally uploaded on December 10th, used Elliott Wave theory to predict the price of BTC to the next low of $80,000.
“For those not thinking about buying the next dip, I recommend going off the charts and cheering until the space shuttle to the moon is refueled.”
BTC/USD 4-Hour Chart. Source: BitQuant/X
Even lower targets come from onchain data platform Whalemap.
Analyzing areas that have been stocked by high-volume investors since the recent downturn, the Whalemap team has identified areas of interest that are 30% below the current spot price.
“Onchain's volume profile is showing high bitcoin reserves at 60k-67k. And another new accumulation range will be created at current prices,” he wrote on X.
“So for the long-term HODLers out there – risk reward is best defined on a macro scale – at any time over 60k.
BTC/USD Chart. Source: Whalemap/X
Bitcoin, crypto among the “most vulnerable” assets
As Cointelegraph reports, changes in U.S. macro policy have helped shorten the broader risk-risk-asset rally, which observers feel is increasingly irrational.
The Federal Reserve has revised down the pace of interest rate cuts to 2025 amid resurgent inflation.
Related: Bitcoin Analysis: Start Selling BTC When This Key Indicator Reaches 4%
“While it is easy to blame the sell-off on the Fed's hawkish cut, we believe the main cause of the morning's collapse is the market's overbought position,” QCP Capital said in a recent announcement to Telegram channel subscribers.
“Since the election, risk assets have enjoyed a spectacular one-sided run, leaving the market highly vulnerable to any shock.”
BTC/USD 1-day chart. Source: Cointelegraph/TradingView
BTC/USD was trading around $97,000 on December 20, according to data from Cointelegraph Markets Pro and TradingView, flat with the daily open.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
