It’s foolish to pretend Bitcoin’s story doesn’t include $79k this year
Despite recent declines, Bitcoin's price structure suggests a potential drop toward the $79,000 support level this year.Summary
Bitcoin is experiencing a significant pullback after hitting highs near $126,000, breaking key support levels at $106,400 and $99,000, which were established during the ETF era. The author tracks price action using horizontal channels derived from ETF-era trading, which have accurately mapped liquidity zones. The current decline suggests institutional liquidity is being pulled, pushing the price toward the bottom of the orange channel around $93,000. If this fails, the next test is the purple channel near $85,000, which offers weak support due to low historical consolidation. The most realistic deeper target is the green channel bottom at approximately $79,000, a region where Bitcoin consolidated earlier and where buyers might re-emerge. A drop below this, toward the $49,000–$56,000 range, would signal an extreme correction more typical of a 2026–2027 cycle bottom. The current risk-off sentiment, evidenced by large ETF outflows, means that until liquidity improves, these lower channels remain viable targets.
(Source：CryptoSlate)