Bitcoin (BTC) Price Risks Further Downside if This Key Support Fails: Top Analyst Sees $40K Next
Crypto analyst Ali made a post to explain why Bitcoin, which currently trades at $97,000 needs to maintain support at $96,000. Based on the X post, a breach below this level could trigger a pattern similar to previous market behavior.
His technical analysis suggests a potential retracement to $85,000, where historical data indicates strong support exists.
The analysis points to a broader pattern recognition similar to what happened in 2020. Then, a break below similar support levels has historically preceded substantial corrections. However, Ali’s chart maintains a constructive long-term outlook, suggesting that post-correction, Bitcoin could resume its upward trajectory toward $120,000.
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Another Top Analyst Sees a BTC Dip to $40,000as Altseason Nears
In a more bearish analysis, analyst Symbiote has liquidated their entire Bitcoin holdings at $102,000 after a two-year holding period.
According to their post, their extensive research points to three key predictions: an imminent major altcoin season, a potential Bitcoin retracement to $40,000 presenting a strategic re-entry point, and a bull cycle conclusion in October 2025.
Read More: YouTuber Predicts Cardano (ADA) Price Could Double Amid Market Correction – Here’s the Outlook
Bullish Perspective: Bitcoin to $120k Soon
Countering these bearish perspectives, Doctor Profit presents a bullish outlook. With a track record of accurately predicting previous market movements, including the decline to $18,000 in 2021 and the FTX collapse, they project Bitcoin reaching $125,000 between January and February.
I have predicted the crash from 60k and said we will dump to 18k in 2021, I also predicted the crash of FTX and publicity called to short it few days before the exchange has fully collapsed. My predictions fully played out
— Doctor Profit 🇨🇭 (@DrProfitCrypto) December 9, 2024
Now watch 125k in Jan – February
The convergence of these diverse analyses presents a complex market picture, with strong support at $96,000 serving as a crucial pivot point for Bitcoin’s near-term direction.
The market appears poised at a critical juncture, with potential outcomes ranging from a sharp correction to $40,000 to an upward surge toward $120,000-125,000.
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