BTC drops below 94,000! Analyst warns of a big dump ahead, but 'this point' can catch the bottom

BTC dropped below $94,000, analysts warn of Depthpullback

Since surging to a record high of $108,000 in mid-December, BTC has been undergoing a continuous pullback and consolidation. As of today (12/30) when this article was written, it has dropped below $94,000.

After experiencing the historic bull market in November and December, BTC is currently consolidating between $92,000 and $99,000. During the year-end period in Europe and America, trading in the stock market and the cryptocurrency market tends to be light.

Since October 2024, BTC has remained above the 200-day Exponential Moving Average (EMA), which is considered by many analysts as the "bull-bear support line". Being above it indicates an upward trend, while being below it represents the start of a downtrend.

Source: TradingView BTC daily chart, still above the 200-day EMA moving average.

If Bitcoin pullback, what are the support levels to pay attention to?

Senior analyst Rakesh Upadhyay of Cointelegraph pointed out that from the daily trend, BTC has fallen below the 50-day moving average ($96,124), the 20-day exponential moving average (EMA) has also started to decline, and the relative strength index (RSI) is 42, entering the sell zone, indicating that the bears temporarily have the upper hand.

Upadhyay predicts that if the decline continues, BTC may fall to the support level of $90,000, and it is expected that the bulls will strongly defend.

If it can rebound from $90,000 and break through the 50-day moving average, it means that there is still strong demand at the low point. If the bulls want to regain dominance, they need to push the price above $100,000, and may return to above $108,000 at that time.

However, if it falls below $90,000, it will be necessary to pay attention to the strong support area formed between $73,777 and $54,000, while the area around $75,000 is the current 200-day EMA moving average point.

Image source: CointelegraphBTC ($BTC) price trend prediction analysis

Analyst The ForexX Mindset is more pessimistic, predicting that BTC may fall to around 81,500 US dollars, while another analyst Aksel Kibar predicts a pullback to around 80,000 US dollars, because the classic 'head and shoulders pattern' appeared on the K-line, indicating that BTC may experience a pullback in the coming days or weeks.

What other important data can be monitored?

In addition to technical analysis, Cointelegraph also mentioned two data: BTC Taker-Buy-Sell and perpetual contract funding rate trends.

The Taker-Buy-Sell ratio is currently 0.92. When this indicator is below 1, it means that the bears are in control of the market, while above 1 indicates that the bulls are dominating. The increasing market share of $USDT also suggests that investors are seeking refuge and temporarily exiting risky assets.

Although the on-chain indicators are showing bearish signals and market traders remain cautious, the funding rate for BTC perpetual contracts remains positive. This indicates that traders with long positions still dominate the market and are willing to pay funding fees to short traders to maintain their positions.

Image source: CryptoQuantCryptoQuant: BTC perpetual contract funding rate trend

The long-term price trend of BTC in this cycle is largely determined by the regulatory position of the upcoming Trump administration and the changes in the monetary policy of the Federal Reserve in 2025. The price predictions of experts and institutions also vary greatly.

For example, Blockware, a cryptocurrency mining firm, recently predicted in its report that the price of BTC in 2025 will range from $150,000 to $400,000, with a target price of $225,000 for the base plate.

Looking ahead, Forbes, a well-known foreign media, believes that the cryptocurrency industry has reached a historic turning point in 2024. With the listing of BTC ETF, the growth of stablecoins, and the rise of BTC DeFi, it is expected to usher in exponential growth in 2025.

Further Reading: Forbes 2025 Crypto 7 Predictions! Major countries may lay out BTC, market value is expected to continue soaring?

The article 'BTC falls below 94,000! Analysts warn of a major crash, but 'this point' can be bought at the bottom' was first published in 'Crypto City'.