Bitcoin price slips below $94,000 amid warnings of $74,000 crash

Bitcoin’s price woes continued over the past few hours as the asset slipped below another support zone, this time around the $94,000 mark.

This comes amid shifting tides within the crypto community’s sentiment about the ongoing bull run and whether it has come to an early and abrupt end.

CryptoPotato has repeatedly reported on adverse price developments around BTC, which started yesterday. Recall that the asset had surpassed $102,000 on Tuesday morning for the first time since December 19.

However, its execution was quickly halted and BTC began to lose value rapidly and violently. In just an hour or so yesterday, after the release of the US jobs report, the cryptocurrency fell five thousand dollars to less than $97,000.

This was just the beginning of this ongoing correction as the asset plummeted even further today – first to $95,000 as mentioned above and now below $94,000 for the first time since on January 1

BTCUSD. Source: TradingView

Altcoins continue to bleed, with ETH falling below $3,300, BNB missing the $700 mark, while DOGE and SOL are down more than 8% each. The total crypto market cap has lost almost $400 billion in 36 hours.

Popular crypto analyst Ali Martinez highlighted this crash, which could trigger the implementation of a bearish head and shoulders pattern for bitcoin.

It claimed that the cryptocurrency had poured below a coveted support line formed between $95,400 and $98,400, where more than 1.5 million BTC were acquired by nearly 1.8 million addresses.

As such, the analyst described $92,000 as the next key support level to hold; otherwise, bitcoin risks a fall to $74,000 as there is not much support to that level given the asset’s rapid rise since the US election.

An increase in push selling pressure #Bitcoin below $92,000 could mean trouble. Break above this level opens the door to a sharp decline, with little support to $74,000.https://t.co/pyGIVD5uCD.

— Ali (@ali_charts) January 8, 2025

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