Cryptocurrency traders predict bitcoin’s fall to $ 76,000

Bitcoin BTC $90,533.81 Mezo Wrapped BTC 0.25% Market capitalization $51.38 million VOL. 24 hours $1.05 billion continues to move in an upward channel after pulling back to $ 80,000, which analysts believe could turn into a bearish flag. A trader under the nickname Roman said that he expects the rate to drop to $ 76,000 in the near future. He explained that technical indicators, such as RSI and MACD, confirm the correction scenario, despite the positive news background.

Roman emphasized that the US Federal Reserve’s rate cut no longer supports the digital asset market, and the influence of macroeconomic factors has significantly decreased. «Bitcoin has already risen by 750% from a low of $ 15,600 in 2022. The bull rally is over. We should get ready for the next one, after which the price will fall to $ 50,000,» he summarized.

Investor Ted Pillows expressed a similar opinion, noting that the current cycle repeats the dynamics of 2022. According to his forecast, the rate could rise to $ 100,000 and then drop sharply below $ 70,000. Options traders are also showing pessimism: according to Glassnode, activity is mostly shifted towards puts even after the last Fed meeting.

Timothy Mysore, head of research at BRN, believes that the market is stabilizing but remains fragile. He drew attention to the heterogeneity of investment flows into bitcoin ETFs and low liquidity, which indicates uncertainty about further price movements. As of the time of publication, bitcoin is trading at $ 91,700, showing a daily increase of 3%.

CryptoQuant analyst CryptoOnchain noted the historical divergence on Binance: the volume of coin withdrawals has reached its highs, while the number of deposits has fallen to its lowest level since 2017, at about 320 transactions per day. He explained that this indicates that investors are switching to self-storage of assets and the formation of a «supply shock» when new sales volumes do not appear. In his opinion, this is a manifestation of the market’s record confidence in the continuation of the long-term bullish trend.