Bitcoin has been experiencing a sharp drop, breaking through several key support levels and is currently down by more than four percent. The cryptocurrency recently hit a major rejection point at $99,000 and continued to slide, reaching the next target at $92,000. At the time of writing, Bitcoin is trading close to the $93k levels and has erased the majority of the gains from the past week.
BTC has been in a corrective phase for the past few days, with some analysts suggesting this could be a shakeout before the next upward move. This type of price movement is typical for Bitcoin, often pushing out weaker hands before a surge higher.
Analyst Rekt Capital said that Bitcoin’s recent recovery seems to have confirmed the start of a new short-term trend of lower highs. He said that Bitcoin could fall as much as 8.83% to complete a post-breakout retest. Currently, it’s unclear whether Bitcoin will settle in a short-term range between $91,000 and $100,000 or if it will need to drop further to fully complete the retest.
What’s Next for Bitcoin?
If Bitcoin does bounce from the current levels, we may see another push toward new highs, possibly breaking above $100,000 in the near future. However, we’re still in a correction phase, and the market is expected to follow a typical five-wave structure before reaching its ultimate peak.
Looking at the Bitcoin chart, there are some key levels to watch. If Bitcoin manages to close above $95,000, that would signal a potential reversal, possibly pushing towards $100,000 and above. Currently, Bitcoin is experiencing a downward pressure, which could bring the price down to around $83,000 in the short term. If this decline continues, it could fall as low as $75,000 or even $72,000 by January.
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