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Analysis: BTC has fallen below the 4-hour support level, with the monthly opening price of approximately $87,600 serving as a potential target price.
On January 8, crypto analyst Lennaert Snyder stated that the BTC price has declined to around $91,000, and also broke below the support level of approximately $92,155 on the 4-hour chart, confirming the downward momentum. The analyst mentioned that he is looking for shorting opportunities, with a final target price of around $87,600, the monthly opening price (setting two take-profit points during the dip). Additionally, BTC has support around $90,500; if it rebounds strongly and reverses at this level, short positions will be closed. If BTC successfully breaks through approximately $96,500, it will turn bullish.