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Bitcoin (BTC) 
$104,910 price has dropped to $90,300 today, marking a shift from the weekend’s calm to a series of red candles. The rise that began at $108,000 is causing concerns among traders as deeper dips seem imminent. Many altcoins are also suffering, facing nearly 10% losses this morning. What are the expectations of well-known analysts regarding cryptocurrencies?
What’s Next for Bitcoin?
The leading cryptocurrency is currently hovering around $90,800 after its drop to $90,300. We previously discussed Peter Brandt’s target for BTC, suggesting that a close below $91,500 could lead to a potential decline to $74,097. BTC has yet to close below this critical level, but should the analyst’s prediction hold true and cryptocurrencies continue to weaken, we may see even more significant lows.
Brandt points to $116,562 for daily closes above $99,000. This week, we will witness the release of inflation data and other important metrics. Additionally, Trump is expected to assume office in seven days.
As the article is being prepared, U.S. markets opened negatively, which is not favorable for cryptocurrencies. Phoenix indicates that if we do not see a genuine bounce from the $90,300 zone, we may set our sights on the $85,000 levels. While the RSI is currently supportive, the weakness of the recent bounce could lead to a deeper dip.
SUI Coin Insights
While everyone is focused on Bitcoin, many altcoins are experiencing massive declines. The situation is bleak for cryptocurrencies that raced towards their lows last year. Carl noted in his recent analysis that SUI has been trading within an ascending channel. He emphasizes monitoring support levels while BTC is active, with a bear target of $2.40.
By the end of the analysis, BTC dipped to $86,256 but quickly rebounded to $91,000. Without a continuation of this upward movement, we could see a new wave of selling towards $85,000. The looming possibility of the Biden administration selling off billions of dollars in BTC before leaving office, coupled with disappointing U.S. data, has disrupted the market.
