Bitcoin’s price has slipped past the $88,000 support level and is hitting unprecedented lows. A warning issued by economist Lisa Cook has considerably impacted both the stock market and cryptocurrencies. Meanwhile, despite a robust report from Nvidia, the S&P 500 has experienced a 2.5% decline. The market dynamics in the risk sectors continue to exhibit volatility and unpredictability.
Bitcoin’s Plunge
Bitcoin (BTC) 
$91,967 has set a new low at $86,738. Expectations are solidifying that the Federal Reserve will not implement a rate cut by December, even as unemployment rates hit a four-year high. Adding to the bearish sentiment, Bitcoin sales show no signs of abating. Numerous concerns feed the trepidation, keeping buyers on the sidelines, and short-term investors face losses they haven’t encountered before.
Despite this selling spree, which even those who experienced the COVID and FTX crashes cannot fully comprehend, altcoins have not yet suffered double-digit daily losses. This suggests that continued closing under the $88,000 mark may lead to rapid declines.
The release of ETF data later on will be crucial. If institutions panic and execute large-scale sales on the ETF side, the ongoing nightmare could extend for weeks.
Bitcoin’s Bottom Target
Sellers are seizing every upward attempt as a selling opportunity, causing Bitcoin to continue its descent. The daily low has been revised to $86,395. Analysts have various predictions about these developments. Before Bitcoin lost the $87,000 level, Feyronn emphasized its importance as a support zone and highlighted possible outcomes if it was breached.
“The situation doesn’t look good, friends. However, we are at a support level near $87,000. If this level is lost, the next target is $84,000, then $80,000 to $79,000. Logically, the market should bounce from here + the depression level is currently very high. If you reclaim the green line, you can enjoy a nice Christmas, but if you’re rejected… Anyway, I believe it’s a good level to place bids for at least a bounce. It’s all about logic…”
CryptoBullet anticipates price stabilization between $83,000 and $87,000.
“This downward wave should mark the lowest point. A strong bounce is expected from this range.”
Sherpa predicts the bottom could extend to $75,000. Analysts, uneasy with the steep falls, suggest that the search for a bottom may conclude within weeks or months.
Roman Trading, who accurately predicted the drop, wrote;
“As shown in the chart, Bitcoin typically declines about 80% in bear markets. If this trend continues, the market bottom will be around $30,000 to $35,000. Personally, I don’t think we will fall this far and plan to start dollar cost averaging around $50,000.”
