A prominent crypto analyst who accurately predicted Bitcoin’s recent price decline has issued a stark warning about further potential drops. According to Akademik, Bitcoin could fall to $80,000 or even $60,000 in the short to mid-term.
Market Analysis and Technical Indicators
Bitcoin currently trades at $95,300, showing bearish signals after dropping to $93,000 yesterday. The cryptocurrency faces significant resistance with a supply wall of 1.88 million BTC at $97,000. In contrast, support at $94,500 only holds 695,000 BTC, creating a concerning supply-demand imbalance.
Several key factors support this bearish outlook:
- Declining mining activity historically precedes prolonged price corrections
- Current supply-demand dynamics favor sellers
- Technical analysis suggests a potential pullback to the $80,000 range
Long-term Perspective Remains Optimistic
Despite short-term bearish indicators, the long-term outlook maintains bullish momentum. The market appears to be in the ‘depression’ stage of its cycle, typically followed by a ‘disbelief’ phase. This pattern often precedes significant upward movement.
Analyst Ali Martinez suggests one final pump may occur before this cycle concludes. The current consolidation phase provides an opportunity for strategic position-taking.
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Market Implications
Traders should prepare for increased volatility in the coming weeks. The current price action suggests a potential testing of lower support levels before any significant recovery.
Key price levels to watch:
- Strong resistance: $97,000
- Current support: $94,500
- Potential bottom: $80,000-$60,000 range
Tags: Bitcoin, Price Analysis, Crypto Markets, Technical Analysis, Market Cycle
Source: NewsBTC