Bitcoin’s price has been struggling lately and has seen a noticeable decline over the past two weeks. As BTC fell to $95,120, crypto enthusiasts fear a massive crash. A prominent crypto analyst Ali Martinez said that several prominent figures in the crypto industry have warned that the price of Bitcoin could potentially fall to $60,000.
A drop below $95,000 could cause a crash
Ali Martinez highlights a prediction from Tone Vays, a respected figure in the crypto space. Vays warns that if the price of Bitcoin falls If the price falls below $95,000, it could pave the way for a sharp correction to around $73,000.
Some investors are already preparing for this possibility. In fact, this past week more than 33,000 Bitcoinsworth about $3.23 billion, were moved to exchanges, indicating traders are preparing for a further decline.
A repeat of the 2018 crash?
Another notable figure mentioned by Martinez is Peter Brant, a veteran trader who famously predicted the Bitcoin crash in 2018. Brant has expressed concern that Bitcoin could break out from under a key technical pattern, the expanding triangle, which could lead to a drop to around $70,000.
Interestingly, Bitcoin recorded over $7.1 billion in realized gains on December 23 alone, which could indicate that many traders are taking advantage of the current volatility.
Could Bitcoin Reach $60,000?
Martinez also brings up predictions from Mark Newton, Managing Director at Fundstrat, and analyst Benjamin Cohen. Have both concerns expressed that the price of Bitcoin could eventually drop to $60,000.
Cohen suggests that Bitcoin’s price could follow a similar path to other assets like the QQQ, which could result in a crash around the time of political events, such as on the days of Donald Trump’s presidential swearing-in.
Still, there is bullish hope for Bitcoin!
Despite the bearish predictions, it appears that Bitcoin recently broke a key support level at $97,300. To avoid the bearish outlook, Bitcoin would need to rise above this level and remain above $100,000.
If this happens, Bitcoin could see another surge, with some experts predicting that prices could reach $168,500.
Amid fears of a crypto crash, Bitcoin’s Fear and Greed Index remains up “Greed” zone at 74. This suggests that some traders are still hopeful and believe Bitcoin could see a massive breakout soon.
