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Bitcoin’s Christmas Rally: Will It End In A Crash To $60,000?
The cryptocurrency market has been abuzz with excitement as Bitcoin surged to nearly $100,000 on Christmas Day, sparking widespread speculation about a potential rally to $110,000. However, a chorus of esteemed analysts is sounding the alarm, cautioning that this upward trajectory may be short-lived and potentially culminate in a catastrophic crash to $60,000.
Tone Vays, a renowned expert, has expressed concerns about Bitcoin’s recent performance, warning that trading below $95,000 is an ominous sign that could portend a downturn to $73,000. Peter Brandt, another prominent analyst, echoes this sentiment, cautioning that a breakdown below $70,000 would be a grave omen for investors.
Meanwhile, Fundstrat’s optimistic forecast of $250,000 by 2025 has been tempered by Mark Newton’s prediction of an imminent drop to $60,000. This dichotomy highlights the stark divisions among experts regarding Bitcoin’s trajectory in the near term.
The ominous signs do not stop there, as on-chain analysis suggests that a correction to $70,000 is plausible, with a significant support zone breached at $97,300. Furthermore, savvy investors appear to be bracing for impact, with over 33,000 bitcoins worth $3.23 billion flowing into exchanges in the past week.
Profit-taking has also seen an uptick, with a staggering $7.17 billion in bitcoin profits realized on December 23 alone.
Source: nulltx.com
