As Bitcoin (BTC) hovers below the $100,000 mark, a trading expert is cautioning that investors should anticipate a possible extended downturn for the maiden digital asset.
To this end, as Bitcoin witnesses a shift in market sentiment and technical signals pointing toward further declines, the cryptocurrency’s inability to reclaim key resistance levels suggests BTC could touch $90,000, according to an analysis by R. Linda shared in a TradingView post on February 8.
In this line, the expert stated that after the leading digital currency failed to sustain momentum near its all-time high range, Bitcoin entered a local selling zone below $99,800. Technically, the asset’s price is now consolidating between $95,800 and $100,200, forming what appears to be a pre-breakdown pattern.
According to R. Linda, the $95,800 level is seen as a key trigger, and any failure to hold above this point could lead to a slide to $91,300 or even a retest of the $90,000 mark.
On the other hand, if BTC breaches this psychological threshold, the downside risks are likely to grow significantly. However, the price may briefly rebound to $100,200 before resuming its descent.
“Bitcoin down to $90,000. Downside risks are rising. <…>Technically, the situation is that bitcoin may continue its decline and test $90,000 again, from which the risks around $90,000 will grow,” she said.
Interestingly, with Bitcoin failing to reclaim another all-time high at $110,000, the price has faltered in recent weeks despite President Donald Trump’s inauguration.
Notably, Trump ran on a pro-cryptocurrency stance, and his resumption of a second term was highly anticipated to trigger another parabolic rally for the asset.
However, the analysts stated that Bitcoin’s current struggles are tied to broader market dissatisfaction, particularly with unfulfilled promises from U.S. policymakers.
She stated that expectations for regulatory clarity, institutional support, and a more transparent market environment have been overshadowed by liquidity-draining schemes, market manipulation, and geopolitical uncertainty. This disconnect between market hopes and reality has weighed on investor confidence.
Bitcoin’s next all-time high
On the other hand, an analysis by Captain Faibik shared in an X post on February 9 suggested that Bitcoin could reach a record high toward the end of February.
He observed that Bitcoin’s daily chart shows the ascending broadening wedge pattern intact, with bulls holding the crucial $96,000 support. This level remains key for sustaining the uptrend, with a bounce likely to push Bitcoin toward new all-time highs by late February or early March.
If support holds, the next target aligns with the wedge’s resistance near $120,000.
While Bitcoin faces bearish sentiment below the $100,000 mark, prominent cryptocurrency analyst Ali Martinez maintained that BTC’s bullish outlook remains intact based on the MVRV Extreme Deviation Pricing Bands.
Martinez highlighted that as long as Bitcoin holds above the critical $92,800 level, it retains the potential to rally further. The MVRV bands, which use the Market Value to Realized Value (MVRV) ratio, assess whether Bitcoin is overvalued or undervalued compared to historical norms.
Bitcoin’s current stability above the -0.5 deviation band reflects a healthy market structure, and $92,800 is a key support level to fend off bearish pressure. Sustaining this level positions Bitcoin to test the $100,000 resistance. However, a drop below $92,800 could heighten downside risks.
Bitcoin price analysis
By press time, Bitcoin was trading at $96,476, making modest gains of about 0.7% on the daily chart. In the past week, Bitcoin is down over 2%.
All in all, as things stand, Bitcoin’s next move hinges on key levels: losing $95,800 could trigger a drop to $90,000, while holding $96,000 may fuel a rebound toward $100,00.
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