#BTC (1D timeframe)
As suggested in yesterday's analysis, #Bitcoin continued its downward direction, removing the expected price level of $95,919.
It is now highly likely that the price will continue the downward direction further, reaching the long awaited fundamental level of $90,500, removing liquidity for sellers (SSL). That is, it means almost 5% cheapening of the price.
After reaching this level, two scenarios will emerge:
1) Price will start a local uptrend to reach the 50% gap on the 4-hour chart - $99,433 and then rush down again, but already to the price level of $88,722.
2) Price after liquidity removal of 90,500, will continue downtrend and take also liquid level at $88,722.
!!! The most negative but justified scenario would be for price to seek to reach the middle of the weekly gap at $85,000.
I remain in my opinion that for bitcoin to update its all-time high, the first cryptocurrency needs to take out the above liquidity levels at the bottom and I think that as the inauguration of the new US President Donald #Trump (20 January, 2025) approaches, by then the bearish scenario I described with a bottom at $85,000 will have worked out.
As suggested in yesterday's analysis, #Bitcoin continued its downward direction, removing the expected price level of $95,919.
It is now highly likely that the price will continue the downward direction further, reaching the long awaited fundamental level of $90,500, removing liquidity for sellers (SSL). That is, it means almost 5% cheapening of the price.
After reaching this level, two scenarios will emerge:
1) Price will start a local uptrend to reach the 50% gap on the 4-hour chart - $99,433 and then rush down again, but already to the price level of $88,722.
2) Price after liquidity removal of 90,500, will continue downtrend and take also liquid level at $88,722.
!!! The most negative but justified scenario would be for price to seek to reach the middle of the weekly gap at $85,000.
I remain in my opinion that for bitcoin to update its all-time high, the first cryptocurrency needs to take out the above liquidity levels at the bottom and I think that as the inauguration of the new US President Donald #Trump (20 January, 2025) approaches, by then the bearish scenario I described with a bottom at $85,000 will have worked out.
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