- Bitcoin price can dip even lower to hit a major support level.
- This level is $85,900, but another dip to the $84,000 may play out.
- The analyst marks the latter move as a huge bear trap.
Analysts come together to share their takes on where the price of Bitcoin (BTC), the pioneer crypto asset can go next. Currently, bearish and bullish analysts continue to debate the possibilities for the price of BTC. One of the most talked about moves is that Bitcoin price can dip even lower to hit a major support level at the $85,900 price range. Today BTC fell to the $86,000 price range, can it fall even further?
Bitcoin Price Can Dip Even Lower to Hit a Major Support Level
According to analytics, the price of BTC already dipped to the $85,500 price range earlier today and is currently trading at the $86,000 price range. This means the price of BTC is down by over 4% in the last 24 hours. What’s more, the Bitcoin is boasting a total market cap of $1,718,529,834,573.31, which is also down over 4%, and a 24-hour trading volume of $45,932,221,011.56, which is up by over 13%.
Analysts now are torn between bearish and bullish expectations. While some believe that an inevitable bear market is coming for the crypto market, other beelive BTC is preparing a bear trap, meaning its correction phase could end and the asset could go on to reclaim its 6-digit prices very soon. Despite that call, most do not think BTC can hit another new ATH this cycle, but still expect altseason to play out next year.
As we can see from the post above, this popular analyst confirms that Bitcoin is coming down into a major support level and hit the target fib at the $85,900 price range. If We measure using that high wick, we get support a little bit lower around the $84,500 price range, this, she marks, could be a huge bear trap. If BTC does not make a new low here and holds critical support, it could bounce and get very bullish.
While the analyst expects BTC to recover to $103,000, another analyst shares his take. As the post above shows, the trader has large Bitcoin buy orders placed in the $70,000 price range, right on our weekly long-term support. Historically, price tends to bounce on the first retest of this level after a higher high. This behavior is fully documented and forms part of the trader’s core trading strategies.
Will Bitcoin Go Bullish or Bearish After This?
Meanwhile, Lark Davis marks the current Bitcoin technicals as truly terrible. According to his observations, the Bearish monthly MACD, trading below 50W EMA, 200D EMA, is all saying that BTC and crypto will be down for a while. If this is true, this cycle could be one of the most disappointing yet. However, he adds that macro has never looked better with lowering rates, increasing money supply, the Fed buying back T-Bills, and massive stimulus checks, the market could make a significant comeback.
