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Home»Bitcoin»Analyst Says Price May Drop To $88k Next
Bitcoin

Analyst Says Price May Drop To $88k Next

February 8, 2025No Comments2 Mins Read
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Bitcoin’s Price Consolidation Continues as Investors Await Breakout

Bitcoin, the world’s leading cryptocurrency, is currently trading within a sideways range, oscillating between key support and resistance levels. The lack of a clear breakout has left investors on edge, eagerly anticipating the next significant move for the digital asset. As of the latest update, Bitcoin’s price sits below the $98,000 mark, marking a more than seven percent decline over the past week.

Resistance and Support Levels to Monitor

Bitcoin is currently transitioning from a support level near the lower boundary of the sideways range towards a crucial resistance zone. The immediate resistance area is situated between $97,521 and $98,430. A successful breach of this range could indicate a potential upward shift in momentum. Conversely, a failure to surpass this resistance barrier may signal further downside pressure in the short term.

Is the Short-Term Outlook Bearish or Bullish?

In the short term, Bitcoin’s price trajectory leans slightly towards the bearish side as it navigates through a corrective wave. A failure to hold support at $93,633 could pave the way for additional downside, potentially targeting the mid-to-low $80,000 range. However, a decisive breakout above the resistance levels could set the stage for a more substantial upward movement.

While the focus remains on short-term price action, it’s essential to keep in mind that the broader trend for Bitcoin remains bullish. The ongoing corrective phase could be part of a larger upward trajectory that may ultimately propel Bitcoin to higher price levels.

Renowned analyst Capo shared his insights, stating, “Don’t get scared if we see another 5%-10% drop to form a higher low. Just hold/buy the dip. This really looks like a local bottom formation.” However, he later revised his prediction, suggesting a potential price level of $88,000-$90,000 for Bitcoin.

See also  Is Bitcoin's Bull Market Truly Back?

Stay Informed with the Latest Crypto News

To stay informed and ahead of the curve in the ever-evolving crypto landscape, keep up with breaking news, expert analysis, and real-time updates on Bitcoin, altcoins, DeFi, NFTs, and more. Stay tuned for the latest developments in the cryptocurrency market.

As Bitcoin continues to navigate its current consolidation phase, investors remain watchful for any signs of a breakout that could dictate the digital asset’s next major move. Whether the price trend leans towards bullish or bearish, the overarching bullish sentiment for Bitcoin suggests the potential for a significant uptrend in the long run.

88k Analyst Drop Price
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