Bitcoin Dips Below $94K as Analysts Predict Further Drops to $85K

Bitcoin’s price fell below $94,000 on December 23 as the Wall Street open brought little relief for bulls seeking recovery from recent declines. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD losing 1.2% on the day, extending its downtrend. Over the weekend, Bitcoin briefly spiked to $99,500 before being pushed down by sellers, bringing its drawdown from last week’s all-time highs to 15%. Short-term price performance has raised concerns among analysts. The popular X analytics account Bitcoindata21 highlighted bearish signals, noting, “Underside retests and rejections of VWAPs are NOT what you want to see for bullish price action.” Their analysis pointed to a likely retest of $92,000, with a more significant buying opportunity at $85,000–$86,000, described as the “back up the truck” zone for bulls. Similarly, the trader CrypNuevo predicted further price drops before a market rebound, targeting levels near $90,000. “Now, I still think that we could revisit the lows,” CrypNuevo shared in a thread on X, discussing low-timeframe market patterns. “It’s hard to imagine that we’re going to get a V shape recovery from here. I’m leaning more towards either a W formation or a 100% of the wick fill. Ideally, the 100% wick-fill, since $90k is a strong psychological level.” Bitcoin’s recent volatility has left market participants questioning the strength of the asset’s support levels, as bearish momentum continues to dominate short-term trends.