Key Takeaways
- Glassnode on-chain data suggest that the price could see a prolonged bearish price decline following the death-cross emergence.
- Crypto experts hint that BTC’s price action could be nearing its bottom as the price mimics 2021 price action.
- Bitcoin’s liquidation heatmap hints at $85,000 as key resistance for the price to resume its bullish price action.
The recent U.S. tariff war has hampered Bitcoin’s price in the past few weeks. Crypto experts and analysts are at a crossroads regarding where the price of Bitcoin could be headed, as it dropped from a high of $88,000 to a low of $74,500 before a swift price bounce towards $80,000.
Source – Bitcoin Fear and Greed Index From Coinmarketcap
Bitcoin’s price uncertainties have created fear among investors and traders who were anticipating the price of Bitcoin to rally towards a high of $150,000 by the second Quarter of 2025. However, the price has continued to struggle in the past three months.
BTC’s fear and greed index hitting the 15-mark region, a low since 2022, suggests extreme fear regarding market sentiment and the direction the market could be headed. While current market dynamics trouble many traders and investors, others remain unfazed, as this is not the first time Bitcoin has shown such price action, and crypto experts speculate the price could mimic the 2021 price action.
On-chain Data And Crypto Experts Weigh in On Bitcoin
On-chain data from Glassnode suggested that based on current price action for Bitcoin, the price of BTC has emerged with a death cross, with its 30-day volume-weighted price below its 180-day, indicating a weakening momentum for BTC. Based on the historical price action of previous cycles, such price action could lead to a bearish price rally within 3-6 months.
If the price of Bitcoin (BTC) starts a bearish run for the next 3-6 months, it could lead to total carnage for altcoins, as some have fallen by over 100% in the last few months, with an extended decline to the downside.
While such price action remains uncertain, crypto experts such as BlackbearXBT believe the price of Bitcoin could be nearing its bottom, with the price expected to initiate a new rally in the next few months after its accumulation, considering the price has seen quite a fall in the last few weeks from its high of $109,000.
According to BlackbeardXBT’s post on X, if history repeats itself for the price of Bitcoin, we could see the price rally towards its all-time high of $115,000 to $120,000 in the next few months if the price of BTC breaks above $95,000, confirming its end to a downtrend.
Bitcoin Liquidation Heatmaps And Where Price Is Headed
Source – 1W BTC Price Liquidation Heatmap From Coinglass
According to BTC’s weekly on-chain data from Coinglass, there is a large short liquidity of around $85,000, corresponding to the current resistance to the price of Bitcoin. A breakout above this zone towards a high of $95,000 for BTC could signal a shift in current market sentiment from bearish to bullish for price.
BTC bulls are currently paying close attention to how the price responds around $73,000 to $74,000 before deciding their next course of action. The price of BTC breaking toward a region of $65,000 could further lead to extreme fear regarding its price action.
