Bitcoin Price Loses $10,000 In 2 Days After Falling Below $92,000 – Where Is The Bottom?

It took just over 48 hours for the major cryptocurrency to wipe out all the gains recorded since the beginning of the year and poured below $92,000.

Altcoins have also suffered a lot lately, which raises (again) the question of whether this bull market has stopped.

BTCUSD. Source: TradingView

Since the all-time high recorded on December 17 at over $108,000, the major cryptocurrency has been on a predominantly bearish trajectory that took it to $91,300 last Monday, which became a monthly low.

It managed to bounce back in the following days and even rose above $100,000 earlier this week, but it was short-lived as overall market sentiment remains unfavourable.

The rejection of $100,000 pushed the asset south, losing several thousand in the last few days. Today, bitcoin fell below $92,000 for the first time this year, erasing more than $10,000 from Tuesday’s peak.

Crypto analyst Ali Martinez warned that BTC had broken above the $92,500 support level on the downside, which spells trouble for the asset. In fact, he argued that bitcoin could fall below $90,000 and even below $80,000 in the coming weeks.

The $92,500 support was broken, you know where! https://t.co/8qo7ulq4mJ

— Ali (@ali_charts) January 9, 2025

Others were more bullish, indicating that BTC had not yet peaked during this cycle. Mags told his 101,000 followers on X that bitcoin is still consolidating and now testing the local fund again, which is actually a buying opportunity for the next stage.

#Bitcoin – Don’t miss the bottom any more!

BTC has entered the 6th rank of this cycle. Since the $15,500 fund, each stage has been followed by a consolidation range.

Each range = sideways price action, falsifications (both sides), then a breakout.

We are now on rank 6 and… pic.twitter.com/lbYs6w4oa7

— Wizards (@thescalpingpro) January 9, 2025

Crypto Rover was also on the side of the bulls, indicating that the “next move higher is imminent.”

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