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Bitcoin Crashes Again Below the $96k Level, Analyst Says It Was Necessary for the $200k Level
The price of Bitcoin (BTC), the top cryptocurrency by market capitalization, has plummeted to a new low of $96,696 as of December 22nd, 2024. This sudden drop is not entirely unexpected, according to popular crypto analyst Ali_chart. In his latest tweet, he explained that this correction was necessary for Bitcoin to push towards its next major milestone at the $200k level.
The analyst emphasized that the strong buy wall in place between $99,000 and $97,000 will make it challenging for prices to drop further. This assertion is supported by historical data, which suggests that any price movements below this range would be met with significant buying pressure.
Institutional investors are reportedly panicking amidst a sudden outflow of capital from the Bitcoin market. Despite these short-term fears, some big players believe that such an outburst will ultimately benefit Bitcoin’s long-term trajectory. They suggest that the current market correction will create a more stable and sustainable growth path for the asset in the future.
Meanwhile, Ethereum (ETH) spot ETF products have witnessed a net outflow of $75.1159 million on December 20th, 2024, further emphasizing the apprehension among institutional investors. However, others are optimistic that this panic sale will eventually translate into higher prices as Bitcoin’s fundamentals continue to grow stronger.
A recent statement by Standard Chartered’s Global Head of Digital Assets Research, Michael Spencer, has also fueled speculation about the asset’s future performance. According to Spencer, institutions are taking a more cautious approach towards investing in cryptocurrencies due to concerns over market volatility and regulatory uncertainty.
As Bitcoin continues to navigate this tumultuous period, investors will be closely monitoring developments on the institutional front to gauge their sentiment towards the asset.
Source: bitcoinik.com
