So some friends on X were anxious about the current crypto market condition, which led them to throwing many predictions on what might likely be bitcoin next moves; One says bitcoin might hits another ATH by $112k and another made a prediction to the btc market price depreciating to $82,000 soonest. Well, these predictions made me critically observe the market conditions and price actions. If we observe the market well, we can tell that the crypto market has entered into another phase by observing weaknesses and lack of buy power, too many liquidations leading to sharp price depreciation.
I started observing bitcoin weakness after hitting the price of $108k for the first time on 17,december,2024. The price dropped to $89,218, probably as the result of sales pressure and profit taking. Another moves was triggered by president Trump inauguration which led the price of the bitcoin to another ATH at $109,712.
We can see that after then, we have notice difficulty in the market as price keeps posting weakness and different variables. Personally I think we have entered into a distribution phase as price keeps dropping with difficulty in price breaking recent highs which indicate market weakness and lack of buying interest. Bitcoin price might be dropping to $82,000 { this is my own predictions and not investment advice} according to my analysis.
What to look out for
As a crypto trader or an investor, what we should be looking to see are market strength or weakness. We can see clearly that we have much supply than demand at the moment leading to the market breaking low into new down territories, which shows that the big whales are try to distribute their holdings. If the market breaks the low at $89,260, we are sure heading to $82k, where we will find another market strong support level.
Conclusion
These things are visible in the market, but we can't really tell the next moves what the market condition will really be. As a market analyst, we try to make good predictions based on the market data, behaviors or price actions. Our analysis doesn't suggest that you invest or take any market position except you are ready to risk your funds. Thus, making your own research can give you more confidence to take any action you maybe willing to. The pass behaviors doesn't ascertain the future outcome, so trade wisely.
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