BTC Price Drops Below $94,000 Amid Warnings Of Crash To $90,000 Or Even $60,000

TL:DR;

Bitcoin price has seen better days as the asset crashed at $97,500 yesterday and has lost nearly four grand since then. This comes after several analysts are predicting a further correction that will potentially take bitcoin below $90,000.

Sub-$90,000 soon?

The major cryptocurrency entered uncharted territory after Donald Trump won the US election almost a month ago with a figure above $74,000. The next ten days were spectacular as the asset passed several milestones in round numbers and peaked on November 22 at just over $99,800. However, it fell short of the coveted six-figure territory and was pushed south almost immediately.

Within a few days, it had dropped to less than $91,000, but the bulls came out to play and have helped it recoup most of its losses. As such, bitcoin jumped above $98,000 last Friday, but was unable to sustain its momentum and began to gradually lose value.

It faced some volatility yesterday and went through another correction today. A few hours ago, the cryptocurrency fell below $94,000 for the first time in almost a week, leaving $580 million in liquidations.

Several well-known crypto analysts expect even more pain for BTC. As summarized by Ali, Sheldon_Sniper and Tone Vays have warned the community about a possible pullback below $90,000.

Also, Fundstrat’s Tom Lee as well as Robert Kiyosaki predict a massive crash that will take the asset to $60,000. However, both remain bullish on BTC’s long-term potential, with price targets of up to $250,000.

Bitcoin/Price/Chart 3.12.2024. Source: TradingView Is the opposite more likely?

Ali further highlighted Santiment’s data showing that the crowd agrees with the aforementioned warnings, with the number of “BTC withdrawal” mentions skyrocketing. The analyst said these predictions cannot be taken lightly, but outlined another possibility.

Bitcoin usually heads in the opposite direction of what others expect. As such, Ali noted that the asset could go much higher to $120,000 or even $150,000 before a true massive 30% correction occurs.

Given the fact that #Bitcoin tends to do the opposite of what the crowd believes, there is potential $BTC to go higher If the current cycle behaves like the last two, #BTC it could reach $120,000-150,000 before the first 30% price correction.

https://t.co/xTHJMITqJa

— Ali (@ali_charts) December 2, 2024

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