Bitcoin 
$64,011 continues to experience significant selling pressure, rejecting the $100,000 mark during the holiday season. As the price hovers around the critical support level of $95,000, some experts predict that BTC could decline to as low as $60,000 ahead of Donald Trump’s inauguration on January 19th.
Bitcoin Struggles Under Selling Pressure
The drop in Bitcoin’s price following its rise to $100,000 has intensified selling pressure. The coin is attempting to stabilize around the $95,000 mark. However, on-chain data suggests that Bitcoin’s capacity to sustain a rally is limited. Analysts note that if BTC fails to hold the support zone between $97,041 and $93,806, it could face further losses.
Renowned crypto analyst Ali Martinez warns that if these support levels are breached, the price could fall to $70,085. Additionally, on-chain data reveals an increase in Bitcoin reserves on exchanges, indicating that investors are preparing for a potential downturn. Over the past week, more than 33,000 Bitcoins have been transferred to exchanges, signaling a possible decline.
Warnings About Bitcoin’s Decline Scenarios Increase
The rising Bitcoin reserves on exchanges hint at potential profit-taking. On December 23, Bitcoin investors recorded profits of $7.17 billion. Moreover, the decrease in long positions on the Binance exchange indicates that investors are becoming more cautious about market risks.
Analyst Peter Brandt suggests that Bitcoin may break out of its triangular formation and could decline to around $70,000. This drop may intensify further before Trump’s inauguration.
Optimism for Altcoins Remains Strong
Despite the potential decline in Bitcoin, interest in altcoins has not diminished. Investors remain optimistic about the recovery potential of altcoins. Market analysts assert that the altcoin season is not over and these assets still have strong recovery prospects, maintaining optimism in altcoins even amid Bitcoin’s pressures.
