Analysts Worry Bitcoin Price Might Drop to $60,000 in the Short-Term
According to several high-profile Bitcoin analysts, the price of BTC may crash to $60,000 in the coming months. Bitcoin’s momentum has stalled recently, and its recent major gains may prove fragile.
Several analysts predicted a bullish 2025 for Bitcoin but still claimed that its price would first hit a sharp decline in the short term before a future bullish cycle materialized.
Will the Price of Bitcoin Crash
These Bitcoin price predictions were compiled by Ali Martinez, a prominent analyst in the space. Bitcoin’s forward price momentum has sharply declined recently, prompting concerns that the $110,000 goal by New Year’s Eve is becoming unrealistic.
Meanwhile, some leading analysts think that the lack of support at different price points and the existing supply shock can cause BTC to drop even further.
We’re now opening Monday trading below $95,000. This is very, very bad. We are now, as I like to call [it], slipping [into] the $92,000 range. Getting too close… literally opens Pandora’s Box into a massive crash. The possibility has significantly increased that we could easily go to $73,000. You are sitting at the last line of support,” claimed Tone Vays.
For the past week, Bitcoin’s price has been in a “key support area” between $97,000 and $93,800. If the asset’s value drops below this range, we could see a sharp drop to $70,000, as there is minimal support below it. Unfortunately, BTC’s price is currently hanging at the bottom end of this range.
He also noted several trends that clearly reflect a growing nervousness in the Bitcoin community. For example, investors sent more than $3 billion in BTC to exchanges in the last week, as Bitcoin whales have limited their exposure. The ETFs, normally a source of immense returns, have also witnessed outflows exceeding $1 billion.
Even bullish predictions for the future still contain a hint of pessimism. For example, analysts from the Into the Cryptoverse podcast compared Bitcoin to the price movements of Invesco QQQ in the 90s. It shot up in a very similar manner to BTC this year, crashed dramatically, and then rose again to completely outpace this first bull market.
“Bitcoin one year from now I think is something around $250,000. But knowing that it is hyper-volatile, Mark Newton, our technician, thinks that the cycle of Bitcoin turns a little bit down early next year, maybe Bitcoin gets to the 60s. $60,000 before $250,000,” claimed Thomas Lee, Fundsrat Capital CIO and CNBC Contributor.
Ultimately, however, major asset managers continue to make unambiguously bullish predictions for Bitcoin price movements. For example, Bitwise claimed earlier this month that BTC could reach $200,000 in 2025, with consistent growth. Pantera Capital even made the bold statement it would go to $740,000 by 2028.
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