Bitcoin holds $84,000 — for now — but analysts warn of drop to $70,000 if support fails
Bitcoin is struggling near $84,000 support, with analysts warning of a potential drop to $70,000 if key levels fail.Summary
Bitcoin experienced a sharp decline on Thursday, falling nearly 6% to trade just above $84,000, demonstrating its tendency to act as a risk asset during broad market downturns, unlike traditional hedges like gold which bounced back. Analysts view the $84,000 level as critical; if it breaks, the next support targets are $80,000 and potentially $75,000 lows. Some analysts, like John Glover of Ledn, suggest the correction from October highs could push BTC to $71,000. Russell Thompson of Hilbert Group even sees a potential drop to $70,000 due to a general risk-off move. Despite the short-term bearish warnings, some analysts, including Matt Mena of 21Shares, remain optimistic, expecting Bitcoin to reach $100,000 by the end of Q1, provided macroeconomic conditions permit.
(Source：CoinDesk)