Bitcoin's Bearish Trend: Potential Targets at $92,550 and $82,000

Bitcoin is currently facing significant selling pressure that has caused it to drop below the critical $90,000 support level. This downward trend is anticipated to continue, according to analysts, who highlight key resistance levels and potential future price targets.

Key Takeaways

Bitcoin has fallen below the $90,000 support, indicating a sustained downtrend.
Resistance levels between $92,500 and $93,500 are significant obstacles for any potential recovery.
There’s a risk of Bitcoin dropping to $82,000 if the bearish trend persists.
A breakout above $92,500 could change the bearish outlook and reset the target to $100,000.

Bitcoin price prediction Standard Chartered

Analyzing Bitcoin's Current Price Action

Bitcoin’s price has been under considerable pressure, causing it to lose support at the $90,000 level. This has led to a protracted downtrend that continues into mid-December. Despite some hopes for a market recovery, indicators suggest that Bitcoin may not be on the verge of a rebound.

According to crypto analyst Lingrid, Bitcoin faces strong resistance after repeatedly hitting levels above $92,000. The cryptocurrency's price remains “capped below channel border,” which reflects a bearish sentiment based on recent trading activity.

The multiple rejections around the $92,500 to $93,500 range indicate that Bitcoin may be forming lower highs. Even if there is a minor recovery, this resistance level poses a significant challenge for any upward momentum.

Lingrid also highlights that the current slowdown in Bitcoin's price action has led to a tighter price compression. With Bitcoin hovering above a rising support line during this phase, the analyst believes this indicates a state of equilibrium rather than strength. Typically, such conditions suggest that Bitcoin is on the brink of “directional expansion.”

At the moment, market attention is focused on bearish pressures as Bitcoin struggles to maintain support. It is still possible for the price to rise to around $92,500 before meeting resistance. In that case, this could trigger a further decline towards the $82,000 mark, resulting in lower lows.

There is a chance that Bitcoin could break free from this bearish outlook, but this would require renewed buying interest from investors. For a positive shift, Bitcoin needs to break out and stay above the $92,500 channel.

Bitcoin price

If Bitcoin manages to sustain a position above $92,500, Lingrid suggests that the bearish sentiment could be overturned, shifting the focus back towards the $100,000 target. However, with the current trend below $90,000 and prevailing negative sentiment, the likelihood of this scenario occurring appears low.

Bitcoin price chart from Tradingview.com
BTC succumbs to bearish pressure again | Source: BTCUSD on Tradingview.com