It has taken just over 48 hours for the primary cryptocurrency to erase all gains registered since the start of the year and dumped below $92,000.
The altcoins have also been suffering a lot lately, which begs the question (again) of whether this bull market has been halted.
Ever since the all-time high registered on December 17 at over $108,000, the primary cryptocurrency has been on a predominantly bearish trajectory that drove it to $91,300 last Monday, which became a monthly low.
It managed to bounce off in the following days and even spiked above $100,000 earlier this week, but that was short-lived as the overall market sentiment remains unfavorable.
The rejection at $100,000 pushed the asset south hard, losing several grand in the past few days. Earlier today, bitcoin dumped below $92,000 for the first time this year, thus erasing more than $10,000 since the Tuesday peak.
Crypto analyst Ali Martinez warned that BTC had breached to the downside the $92,500 support level, which spells troubles for the asset. In fact, he argued that bitcoin could plunge below $90,000 and even beneath $80,000 in the next several weeks.
The $92,500 support broke, you know where next! https://t.co/8qo7ulq4mJ
— Ali (@ali_charts) January 9, 2025
Others were more bullish, indicating that BTC had yet to reach its peak during this cycle. Mags told their 101,000 followers on X that bitcoin is still consolidating and is now retesting the local bottom, which is actually a buying opportunity for the next leg up.
#Bitcoin – Don’t miss the bottom again!
BTC has entered the 6th range of this cycle. Since the $15.5k bottom, every leg up has been followed by a consolidation range.
Each range = sideways price action, fakeouts (both sides), then a breakout.
We’re now in the 6th range, and… pic.twitter.com/lbYs6w4oa7
— Mags (@thescalpingpro) January 9, 2025
Crypto Rover was also on the bulls’ side, indicating that the “next move higher is imminent.”
