Bitcoin Faces Potential Drop to $90,000 if Key Support Fails
Bitcoin has recently dropped below critical support levels, leading to concerns about a potential decline toward the $90,000 mark. Market analyst Doctor Profit highlighted key price thresholds for various holder groups:
- $115,600 for 1 million holders
- $113,600 for 3 million holders
- $107,000 for 6 million holders
Currently, Bitcoin is trading above $109,000, maintaining its last line of defense. A failure to hold this level could result in a 17% drop towards the CME gap just above $90,000.
Doctor Profit noted the market sentiment reflects minimal fear, with unrealized losses at only 0.5%. This complacency among holders may lead to a more severe market correction.
Additionally, over 200 alleged insider trades in the stock market showed no buys, which may indicate upcoming selling pressure in the cryptocurrency market.
In conclusion, September is expected to be challenging for Bitcoin as the market transitions from denial to a painful reality.
