With Bitcoin trading near $95,000 after two weeks of falling prices, analysts fear a possible massive crash that could see the flagship asset fall to $60,000.
Bitcoin has fallen over 2.5% in the last 24 hours, hitting an intraday low of $95,134 yesterday. The price drop extended two-week losses to 3.7%, reducing the asset’s market cap to $1.9 billion.
As bulls attempt to defend the critical support level of $95,000, on-chain data and market analysts suggest a significantly higher probability of Bitcoin price reaching $60,000 by the inauguration of Donald Trump on January 19th. Dollar will fall.
Following Bitcoin’s recent drop of nearly $95,000, well-known crypto analyst Ali Martinez, who has over 104.3k followers, noted in a recent They moved $3.23 billion from their wallets to exchanges last week, likely in anticipation of a bearish scenario.
Such a move typically occurs when investors become cautious and prepare to sell their holdings, anticipating a possible price drop or increased market volatility.
Investor profit-taking on BTC also surged on December 23, with Bitcoin holders making a total profit of over $7.17 billion on the day, the analyst added.
Additionally, derivatives traders appear to be less optimistic about Bitcoin’s short-term price prospects. Notably, the proportion of traders taking long positions in the world’s largest cryptocurrency fell from 66.73% to 53.6%.
According to Martinez, the key support level for Bitcoin is between $93,806 and $97,041 and a failure to sustain this critical demand…
