Bitcoin’s Christmas Rally: Will It End In A Crash To $60,000?

Bitcoin’s price surged to nearly $100,000 on Christmas Day, fueling speculation of a potential rally to $110,000. However, renowned analysts are sounding the alarm, predicting a drastic correction to $60,000. #Bitcoin $BTC will CRASH to $60,000!!! At least, that's what some of the most renowned analysts are saying. Let's dive in — Ali (@ali_charts) December 26, 2024 Tone Vays believes that trading below $95,000 is a ominous sign, increasing the likelihood of a downturn to $73,000. Peter Brandt echoes this sentiment, warning of a potential breakdown below $70,000. Meanwhile, Fundstrat’s optimistic forecast of $250,000 by 2025 is tempered by Mark Newton’s prediction of a near-term drop to $60,000. Is Bitcoin Gearing For A Major Dip? On-chain analysis suggests that a correction to $70,000 is plausible, with a significant support zone breached at $97,300. Savvy investors appear to be bracing for impact, with over 33,000 bitcoins worth $3.23 billion flowing into exchanges in the past week. Profit-taking is also on the rise, with $7.17 billion in bitcoin profits realized on December 23 alone. Bitcoin has jumped to as high as $99.8K on a bullish Christmas crypto performance. Traders are now swinging bullish once again, with speculation of $110K getting rampant. Historically, we will see $110K Bitcoin only after the crowd doesn't expect it, as this image shows. pic.twitter.com/j4w3VQ4Zio — Santiment (@santimentfeed) December 26, 2024 For the bullish outlook to prevail, bitcoin must reclaim its critical support zone and sustain a daily close above $100,000. If achieved, this could pave the way for a new leg up to $168,500. However, the bears are circling, and a failure to reclaim this level could spell disaster for the cryptocurrency. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: skorzewiak/ 123RF // Image Effects by Colorcinch