Bitcoin has had a rough start to February, facing a sharp drop that has left traders on edge. Between February 1 and 5, the market plunged by 5.62%, and it still hasn’t recovered. Over the past week, BTC has slipped another 1.9%, raising concerns about what’s next.
Now, analysts are eyeing a critical price level that could determine Bitcoin’s next big move. Renowned technical and on-chain expert Ali Martinez warns that if BTC falls below $92,110, it could trigger a sharp drop straight to $70,000. With Bitcoin currently trading at $96,037.47, the market is at a tipping point.
Will it hold steady, push higher, or spiral downward? Let’s take a closer look.
Bitcoin’s Key Price Levels
Between February 4 and 5, Bitcoin plunged from $101,333.27 to $96,607.94. Since February 6, it has been moving within a narrow range of $97,896.66 to $95,791.74. Martinez highlights a strong resistance level at $97,530 – if Bitcoin breaks above this, it could regain bullish momentum.
On January 9, BTC recorded its lowest yearly closing price at $92,569.92. More recently, on February 3, the market slipped to $91,238.24. Martinez points out that support at $92,110 is weak, meaning the market could struggle to hold this level if selling pressure increases.
Could Bitcoin Crash to $70,000?
Martinez warns that there is a significant price gap between $90,000 and $70,000. If Bitcoin falls below the $90,000 mark, there is little support to stop a quick drop to $70,000.
A similar situation occurred on January 13, when BTC dropped to $89,305.15 before buyers stepped in, pushing the price up to $94,545.97 by market close. However, it’s unclear if buyers can defend these levels again.
Bitcoin is at a crucial stage. A breakout above $97,530 could bring strong gains, while falling below $92,110 may lead to a sharp decline. With little support between $90,000 and $70,000, the next few days could be decisive for Bitcoin’s price direction.
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FAQs
As per Coinpedia’s BTC price prediction, 1 BTC could peak at $169,046 this year if the bullish sentiment sustains.
With increased adoption, the price of 1 Bitcoin could reach a height of $610,646 in 2030.
Projecting a 10-year growth in a volatile asset like Bitcoin seems a far-stretched notion. The BTC price is expected to cross $600,000 by 2030. With global adoption, Bitcoin could be worth 1 million dollars.
