The leading digital currency, Bitcoin (BTC), dipped below the $90,000 mark, shedding a significant $118 billion from its market capitalization within a 12-hour period. Yet, according to a trusted source at CryptoQuant, this decline is not anticipated to plummet further as short-term investors continue to enjoy profits.
Bitcoin (BTC) price to $88,000: Next key level to track
According to an anonymous crypto analyst known as Percival and verified by CryptoQuant, it is possible that the price of Bitcoin (BTC) could temporarily bottom out around $90,000 in the near future. However, if the price dips into the $88,000 range, this may not be unexpected for him.
Is Bitcoin’s current price pattern trying to establish more demand before continuing its upward trend? The key level of support seems to be around $90K, but a gap exists between the STH MVRV at 1.08 and the average at 1 (STH cost base $88). This gap could provide room for potential downward movement due to an external event.
— CryptoQuant.com (@cryptoquant_com) January 13, 2025
Such a forecast was shared by the analyst in his latest CryptoQuant QuickTake publication.
He emphasized that various elements indicated an intensified “buying resistance” from the final days of 2024 extending into the beginning of the new year. Furthermore, he observed a decrease in Bitcoin ETF investments, accompanied by a significant dip in Open Interest as well.
At the same time, short-term Bitcoin holders might not be bothered by the current decline:
As a researcher examining market behavior, I find an interesting pattern: Short-term holders seem unfazed by temporary realized losses because they perceive the current level of loss as tolerable.
According to the expert’s advice, instead of focusing on the $90K floor being likely, it would be prudent for all traders to consider the $88,000 mark. This key level holds significant significance for short-term holders in the near future.
$700 million liquidated in worst session for bulls
Furthermore, the speaker believes that even at $88,000, the Bitcoin (BTC) price may not drop any further.
Currently, Bitcoin (BTC) is experiencing a significant drop, marking its largest sell-off over the past three weeks. According to CoinGlass data, the total amount of liquidated positions in the cryptocurrency market surpasses $700 million.
Over the past four hours, a staggering $300 million was erased from this total amount. Initially, Bitcoin (BTC) plummeted to $89,500, causing distress among both optimistic bulls and pessimistic bears. However, it subsequently rebounded to $92,500.
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2025-01-13 19:07