Bitcoin price correction trends indicate significant support levels at $70,000 and $90,000, with experts forecasting further market fluctuations. Because of this, many were worried that the price would not be able to keep important support levels, which resulted in the price falling rapidly. Consequently, the market was filled with apprehension as it witnessed numerous selling events and an increasing number of signals indicating a decline in the price.
Bitcoin is getting closer and closer to key milestones. Some individuals in the sector continue to have an optimistic stance on the long-term prospects of Bitcoin and believe that the price may climb by the year 2025. The price may fall to as low as $70,000 in the short term. This is among the possibilities.
Bitcoin Faces Downtrend
Bitcoin fell 3.71 per cent after rejecting $99,881 and missing $100,000. The bearish engulfing candle and leading share pattern support the downtrend. After a second bearish candle, TC plummeted to $94,624, testing the crucial $94,403 support level. Bitcoin is approaching the 50-day EMA line around $93,170, possibly supporting a $90,000 retest. Trading below these levels may trigger major liquidations, with $251 million lost in 24 hours and $200 million in long-side liquidations, signalling a potential market-wide selloff by 2025.
Bitcoin Price Predictions
Some experts still advise caution, even though the market is mostly down. Someone who used to be a quant trader on Wall Street called the current market state “catastrophic.” Vays thinks Bitcoin could fall as low as $73,000 if it falls below $95,000. A well-known tech expert named Peter Brandt also said that Bitcoin’s daily chart shows what appears to be a triangle pattern that is getting wider, with $90,000. If prices fall below this level, they could try the $70,000 area.
Brandt thinks Bitcoin might drop to $76,614 before it starts to rise again. On the other hand, long-term confidence stays high even though short-term confidence goes down. A financial analyst, Thomas Lee, still believes Bitcoin could reach $250,000 by 2025. But Chartered Market Technician Mark Newton thinks it will drop to $60,000 for a short time before going up very quickly. Benjamin Coven also believes that Bitcoin will drop to $60,000 around the day of Trump’s inauguration and rise again.
On-Chain Data and Key Levels
On-chain data indicates that Bitcoin could reach a drop goal of $70,000 if it falls below $93,806.The UTXO Realized Price Distribution shows that the next big demand zone could be around $70,085 if the market breaks the $93,806 support level. Because of these changes, smart buyers have sent 33,000 BTC to platforms over the past week, worth about $3.23 billion. On December 23, investors made huge $7.17 billion BTC gains. This shows that some investors are cashing out while the confusion lasts.
Related: Bitcoin Corporate ETF Reshapes Financial Landscape in 2024
Conclusion
At $94,403, there are important support levels for Bitcoin, which are crucial in the Bitcoin price correction trends. At $93,170, there is the 50-day exponential moving average. Specialists like Tone Vays and Peter Brandt have highlighted that a break below these levels could lead to a retest of support zones at $70,000 or $90,000. While concerns about the near term are widespread, long-term estimates from experts like Thomas Lee suggest Bitcoin could rise to $250,000 by 2025. Traders must remain vigilant and monitor key levels as the Bitcoin market navigates this uncertain period.
