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Bitcoin Price Analysis: Is BTC Doomed to Fall to $80K After 9% Correction?
The recent downturn in the Bitcoin market has sparked concern among investors, as the cryptocurrency’s price has dropped by a significant 9%. As the asset retests its previous support levels, many are left wondering if it is doomed to fall to $85K, and eventually, the $80K mark.
A closer look at the daily chart reveals that the price broke above the crucial $100K level but failed to hold on, resulting in a quick reversal. This breakdown has caused the market to drop toward the $91K support zone, which might be broken to the downside this time. If that happens, the potential drop could extend all the way down to the $85K mark and possibly even as low as $80K.
The 4-hour chart provides additional insight into the current situation. It appears that the market has been consolidating between the $92K and $100K levels for quite some time now. While it was able to briefly break through this resistance, it struggled to maintain momentum above it. With the RSI displaying values below 50%, it’s clear that the momentum is bearish, suggesting the possibility of further decline.
Furthermore, on-chain data indicates that miners have been behaving similarly during previous bull markets. However, this time around, their actions may actually contribute to a downturn in the market. This chart presents the Bitcoin miner reserve metric, which measures the amount of BTC held by miners. As evident, this metric has been falling rapidly since the price broke above $40K last year and shows no signs of slowing down. It’s possible that these profit realizations will lead to increased selling pressure, ultimately hindering any chance of the asset surpassing its current highs.
In conclusion, it appears that the probability of Bitcoin plummeting to as low as $80K is quite high at this point in time.
Source: cryptopotato.com
