The recent rejection of the $100,000 has triggered a wave of warnings from leading financial analysts, who warn that Bitcoin could be ready for a big pullback towards the $70,000 area or, in some cases, even $60,000. Ali Martinez (@ali_charts), crypto analyst, put together the opinions of several market veterans on X , offering a multi-perspective view of the likelihood of an impending correction.
Bitcoin price crash coming?
One of the voices in this debate is Tone Vays, a well-known trader who has expressed serious concerns about the path of Bitcoin. Vays said Bitcoin trading below $95,000 is “very, very bad” because it increases the likelihood of a correction to around $73,000.
In a shared video, Vays explained, “We are now opening a month day trade below $95,000, (…) getting too close to the $92,000 range literally opening like a Pandora's box to major accident down to $73,000. Now, I'm not saying it's going to hit $73,000. I'm saying that the potential has increased so much that we can easily go to $73,000. You are sitting at the last line of support.”
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Peter Brandt, another prominent analyst, added to the growing concern by talking about the formation of an “expanding triangle” in Bitcoin's price chart. According to Brandtthis pattern could move towards the $70,000 area. Although Brandt was careful to clarify that his statements are not definitive predictions, he emphasized the possibility of such a move.
“Hey trolls – this is not a prediction. Just always point out possibilities, not probabilities, not 'proofs'. No need for a screenshot, BTC's right-angled expanding triangle could go back to the $70,000s and test the parabolic mode,” said Brandt.
In contrast to these bearish views, Fundstrat maintains a more optimistic long-term view, predicting that Bitcoin could reach $250,000 by 2025. However, Fundstrat's Global Head of Technical Strategy, Mark Newton, admits that there is potential for short-term volatility, suggesting that Bitcoin could experience a decline to $60,000 before starting the ascent.
In a video shared by Martinez, CEO of Fundstrat Tom Lee I explained this vision: “Bitcoin, one year from now, I think is about $ 250,000. (…) it is hyper volatile. People don't like the instability. Yeah, Mark Newton, our technician, thinks that the Bitcoin cycle is turning a little bit down early next year, so maybe Bitcoin will reach the $60,000s.”
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Adding to the chorus of warnings, Benjamin Cowen, CEO and Founder of Into The Cryptoverse, contends that Bitcoin's price action could mirror that of the Nasdaq 100 (QQQ). According to Cowen, this alignment could move a “flash crash” to $60,000, possibly at the same time as Donald Trumpand dedication day.
From a chain analysis point of view, Martinez confirms the bearish possibilities. He says that if Bitcoin falls below $93,806, the path to $70,085 becomes increasingly plausible, describing the area below as “out all the way down to $70,085.” Martinez points to the critical support zone between $97,041 and $93,806, stressing that failure to sustain these levels could trigger a sharp decline.
He claims that market dynamics indicate that some investors are preparing for such a downturn, evidenced by the movement of more than 33,000 BTC (worth more than $3.23 billion) to exchanges in the t -last week. Additionally, profit taking appears to be increasing, with over $7.17 billion in Bitcoin profits realized on December 23rd alone.
The proportion of Binance traders with long open positions on BTC has also decreased from 66.73% to 53.60%, suggesting a shift in the market's opinion towards a more positive situation.
In the end, Martinez emphasizes the importance of Bitcoin regaining the $97,300 support area to invalidate the bearish forecasts. “Bitcoin recently broke below one of its most important support zones at $97,300. Therefore, for the bearish view to be invalid, BTC must regain this necessary support area and, more importantly, maintain a daily close above $100,000,” he said.
If Bitcoin manages to maintain a daily close above $100,000, Martinez is setting the possibility for a major rally, possibly reaching $168,500 based on the Mayer Multiple. However, failure to do so leaves the door open for the expected corrections to be made.
At press time, BTC was trading at $96,905.
Featured image created by DALL.E, a chart from TradingView.com
