Bitcoin Price Update

Bitcoin (BTC) price has fallen below the $90,000 support level for the first time in over three months, causing concern among investors.

Currently, Bitcoin is 12% below the $100,000 mark. Analysts believe sufficient buying pressure and positive macroeconomic developments could increase BTC’s value. However, further declines may occur before any potential rally.

Markus Thielen, head of research at 10x Research, has speculated that Bitcoin could drop to $73,000. He highlighted a bearish diamond top pattern indicating a possible decline.

Thielen stated that BTC failed to maintain crucial support levels of $95,000 and $92,000. He suggested that the losses experienced by short-term investors could lead to further corrections.

Despite predicting a decline, Thielen mentioned that historical trends suggest a recovery may be likely around the $73,000 level. He reiterated that the long-term bullish outlook remains intact and advised investors to monitor the Federal Reserve’s interest rate decision in March.

*This is not investment advice.