If This Key Support Fails, Bitcoin Could Plummet To $90,000, Warns Leading Analyst Recent fluctuations in Bitcoin's price have caught the attention of market analysts, with one prominent figure issuing a stark warning: the cryptocurrency could face a significant decline to the $90,000 mark if a crucial support level fails to hold. This comes as the market shows a surprisingly tepid reaction to recent drops, hinting at a potential deeper correction ahead.
Bitcoin's Last Line of Defense
Market analyst "Doctor Profit" has identified several key price thresholds for Bitcoin, which are associated with different groups of holders. These include $115,600 (1 million holders), $113,600 (3 million holders), and approximately $107,000 (6 million holders). Bitcoin has recently traded below these levels, yet the market's response has been unexpectedly calm. This lack of widespread panic suggests that many investors may not yet grasp the full severity of the current downturn, creating an environment ripe for further downside as market makers seek a genuine capitulation. The critical support zone for Bitcoin is currently identified between $107,000 and $108,900. Should this robust line of defense be breached, Doctor Profit predicts a swift and substantial drop, pushing Bitcoin prices into the $90,000 to $95,000 range. This forecast is underpinned by the observation that current market sentiment exhibits minimal fear and an unrealized loss of only 0.5%, a stark contrast to historical bear markets which typically see corrections of 30% or more. The analyst warns that investor comfort could inadvertently pave the way for a more severe market correction in the near future, with September potentially bringing "real pain" as the market shifts from denial to a more painful reality.
