Analyst Highlights Bitcoin's Critical Support Level as $90,000 Target Looms

Bitcoin (BTC) is currently navigating a crucial price level, with traders eagerly awaiting its next significant move. A crypto analyst suggests that the leading cryptocurrency is nearing a pivotal juncture, hanging close to a key support zone that has sustained prices recently. The analyst has detailed specific upside and downside levels that could shape Bitcoin's journey toward $90,000 or trigger a fresh downward trend.

Key Takeaways

Bitcoin is hovering around a crucial support level, with potential implications for reaching $90,000.
The $84,000 to $88,000 range is being actively defended by buyers.
The critical threshold at $100,000 serves as a make-or-break point for Bitcoin’s bullish momentum.
A failure to maintain support could lead to a swift decline toward lower price zones.

Bitcoin price prediction Standard Chartered

Bitcoin Approaching a Pivotal Point at $100,000

This week, crypto expert CyrilXBT shared a new perspective on the Bitcoin market, indicating that its price may be on the brink of a critical make-or-break point. He pointed out that while Bitcoin has experienced a broader downtrend following its peak, recent price movements suggest the market may be establishing a base rather than continuing its downward trajectory.

The accompanying chart illustrated this bearish trend, displaying a sequence of lower highs after the market's peak and reinforcing the notion that BTC is presently in a decline. Additionally, the price action is tightly squeezed into a range above a defined support zone, indicating a struggle for control between buyers and sellers.

Bitcoin price Source: X

CyrilXBT noted that the $84,000 to $88,000 zone has become a stronghold for buyers, actively defending this critical range. Despite ongoing selling pressure, repeated tests of this price range have not led to a decisive drop, suggesting persistent demand.

He conveyed that as long as Bitcoin holds above the $84,000 to $88,000 region, its price is likely to rise; albeit gradually. He stated that this pattern could potentially push BTC toward $92,000 to $95,000, which he has identified as the initial target for potential gains. This anticipated growth is viewed as a recovery within the ongoing trend rather than a full-scale reversal.

CyrilXBT emphasized that $100,000 is a key level to watch. This threshold not only previously acted as strong support but has now turned into resistance. He referred to $100,000 as the true make-or-break level, which will dictate whether Bitcoin can regain its bullish momentum.

The Risk of Price Decline if Resistance is Breached

CyrilXBT warned that if BTC fails to maintain its stance at $100,000, the price outlook could darken swiftly. He indicated that a drop below the $84,000 mark could lead to a significant decline toward lower support levels between $76,000 and $72,000. He suggested that these zones might be where buyers would re-enter the market to halt any further downturn.

At the time of this report, Bitcoin was trading above $87,000, having seen more than an 8.5% decline this year. A crash below $84,000 could result in a depreciation of between 12.6% and 17.2% of its market value.

Bitcoin price chart from Tradingview.com BTC price continues dump | Source: BTCUSD on Tradingview.com