Bitcoin price is down 10.5% from its new all-time highs, and several market analysts expect BTC to bottom in the $85,000 to $90,000 range.
Bitcoin BTC$92,485 price has declined by more than 6.7% over the last four days after rallying to all-time highs above $99,800 on Nov. 22.
This drop has led to questions on whether this level is the local top for BTC price and, if so, how low can Bitcoin go over the next few days.
Bitcoin price analysts set sub-$90K targets
Bitcoin’s latest correction has led market analysts to believe that the price might retest areas below $90,000 before resuming the uptrend toward the “sweet” $100,000 level.
“Bitcoin just did a sneaky dip below the trendline, tickling the 93k support,” said Bitcoin analyst AlphaBTC in a Nov. 26 post on X.
Bitcoin price could retest the Nov. 12 low above $85,000 before resuming its quest for $100,000, the analyst said.
However, the chart below also shows a possibility of a deeper drop toward $80,000 if the support at $85,000 is broken.
Nevertheless, AlphaBTC is still optimistic about Bitcoin reaching $100,000 over the next few days.
“I’m betting we’ll still hit that sweet, sweet 100K+ this week!”
Fellow analyst Crypto Rover shared similar sentiments, saying that Bitcoin traders would be in trouble if Bitcoin lost the support provided by the ascending trendline described by AlphaBTC.
“This is the most important support line for #Bitcoin right now,” the analyst added.
Founder of MN Capital Michael van de Poppe said that he still expects Bitcoin price to break $100,000 over the next two weeks.
The question remains, “How deep will the correction be?” van de Poppe questioned. Bitcoin could dip into the lower end of the $85,000 to $90,000 range, which would be a “sweet spot for entries,” he added.
“Probably, the sweet spot is at $85-90K.”
Meanwhile, popular Bitcoin analyst Rekt Capital said that it “wouldn’t be unreasonable for the price to drop into the ~$91,000 area.”
20-day EMA will be a test for Bitcoin
From a technical point of view, Bitcoin’s price currently trades above the support zone between $90,000 and $92,000.
Losing this support could cause the BTC price to collect demand-side liquidity down toward the 20-day exponential moving average, currently at $89,360.
The 20-day EMA sits close to Bitcoin’s key support zone between $89,626 and $92,383. More than 268,370 BTC were previously bought by 511,390 million addresses within this price range, according to IntoTheBlock.
In other words, this $89,000-level has a good chance of becoming the new local low before the next leg up.
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