Bitcoin / TetherUSUpdated $BTC correction bottom is $85000
All the fanboys—Crypto Rover, Ash Crypto, Satoshi Stacker, Banter, etc.—are singing the same tune: *"We're back!"* They claim BTC is still in a bullish pattern, that the December 20th -15% crash was just an anomaly, and so on.
As usual, theseBTC enthusiasts are acting like PR agents for Blackrock and Sailor, hyping the market to attract your money.
If you're into altcoins, be cautious—the charts are telling a different story than their optimistic chatter.
Remember June 2024? They were promising rewards ifBTC hit 80K by the end of the week. How generous! And yet, BTC dropped -31%, with many altcoins plunging -80% over the following three months.
I sent my weekly chart showing bearish divergence to all of them back then. None paid attention, and I was right.
This time, while we're not in an identical scenario (the weekly timeframe still looks bullish), the daily timeframe shows a clear downward trend. Until this plays out, there's no reason to get overly optimistic.
This means we could see selling pressure for the next week, dragging most altcoins down withBTC as the correction completes. The expected bottom for BTC is around $85,000, give or take. After that, the bull run should resume—I don’t think we’re heading into a bear market just yet.
As always, DYOR!
BTC is still in a bullish pattern, that the December 20th -15% crash was just an anomaly, and so on. As usual, these
BTC enthusiasts are acting like PR agents for Blackrock and Sailor, hyping the market to attract your money. If you're into altcoins, be cautious—the charts are telling a different story than their optimistic chatter.
Remember June 2024? They were promising rewards if
BTC hit 80K by the end of the week. How generous! And yet, BTC dropped -31%, with many altcoins plunging -80% over the following three months. I sent my weekly chart showing bearish divergence to all of them back then. None paid attention, and I was right.
This time, while we're not in an identical scenario (the weekly timeframe still looks bullish), the daily timeframe shows a clear downward trend. Until this plays out, there's no reason to get overly optimistic.
This means we could see selling pressure for the next week, dragging most altcoins down with
BTC as the correction completes. The expected bottom for BTC is around $85,000, give or take. After that, the bull run should resume—I don’t think we’re heading into a bear market just yet. As always, DYOR!
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BTC whales are attempting to pump the price during this low-volume Christmas period. It seems like an effort to keep it above 91k and avoid a deeper drop. This might delay the inevitable. Are they aiming for a soft landing, or do they genuinely believe the BTC correction can be avoided?
BTC has failed to break above the EMA21 resistance, confirming the bearish trend. The target remains at 85k.
They will likely try to invalidate this again, as there is currently a massive influx of cash buying BTC.
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The Bitcoin correction is tried to be cancelled by some whales.
Using the low volume of the holidays.
BTC touched the resistance at 92k
However the correction is still ongoing and is not invalidated.
Note
It’s clear that BTC whales prevented Bitcoin from dropping to 85k. The price action has created a HUGE bearish divergence, indicating that some wealthy players intervened against market logic to limit the correction.
Is this sustainable? I’m not sure.
They’ve ensured that BTC stays above the 92k support level to avoid a further drop to 81-85k. However, this correction isn’t over yet. This idea remains valid until we see a bullish MACD cross on the 1D chart.
Updated chart below.
Note
I see that most YouTube and Twitter influencers are now turning bearish and predicting what I already posted back on the 21st—yes, *before Christmas*. Guys, you’re late!
So, what happened?
The BTC whales didn’t allow the correction to play out naturally by stepping in and buying heavily. Why? If Bitcoin had dropped below 91k, it was likely to correct all the way down to 85k, which aligns with my earlier chart analysis.
However, as shown by the massive bearish divergence, the price action was artificially pumped to prevent that scenario. Now, we’re about 70% of the way through this correction on the daily timeframe, and I don’t think a hard dump will happen at this stage. Of course everything is possible but the probability of a dump lower than 90k is pretty slim.
BTC will likely revisit 91k to trigger leveraged longs parked there. Afterward, with the anticipation of Trump’s inauguration as the 47th president on January 20, 2025, we’ll probably see a trend reversal, pushing BTC back above 100k—taking out shorts in the process.
The deep dump to my second support level, around 81–85k, seems increasingly unlikely at this point.
Here’s an updated chart where you can see that this correction hasn’t been as severe as it could have been. We’re now just 1–2 weeks away from a daily trend reversal on both RSI and MACD.
Note
They did grab the liquidity at 91k as you can see in this updated chart. Now the liquidity is at 100k. But there is a very strong resistance at 97k.
Note
BTC is still in a downtrend pattern. A retest of the 97-98k resistance is on the way. However, BTC will then correct even lower.
The correction is not finished until the MACD do a crossover.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.