Key Takeaways
- Bitcoin price plunges to $91,000 as altcoins take nosedives, creating uncertainty.
- Bitcoin price last traded around $69,000 with a fear-to-greed index of 45, rallying to new highs. Will that be the case now?
- BTC’s $91,000 support could fail as crypto analysts speculate a price sweep to lower regions of $85,000.
| Token Name | Bitcoin (BTC) |
| Current Price | $94,000 |
| Market Capitalization | $1.86T |
| Total Circulating Supply | 19.8M BTC |
| Daily Support | $91,000 and $77,000 |
| Weekly Support | $66,000 |
| 1 Year Performance | 102% |
Bitcoin (BTC) fear and greed index, for the first time in over 3 months, dropped to a region of 45 neutral as the price of BTC and other altcoins plummeted by over 20% in the past few days as Bitcoin bulls struggle to protect its price from going lower than $90,000 as price could gain more bearish dominance if price trades lower.
While BTC continues to show less volume and strength to rally to the upside, altcoins have also faced much struggle as the likes of Solana, Ethereum, and Dogecoin could face a downtrend if the price of Bitcoin fails to protect its bullish dominance above the $90,000.
Although BTC has tapped into this region of $90,000 on several occasions, crypto analysts are divided about whether this region would keep BTC’s price from going lower as the price of Bitcoin looks weak. Where would the BTC price be headed following a neutral market sentiment?
BTC Market Sentiment And Crypto Expert Expectations
Source – CMC BTC Fear and Greed Index Chart
According to on-chain data from Coinmarketcap (CMC), the last time the price of BTC experienced such neutral price action from traders and investors was November 2024, when the price of Bitcoin was trading around $69,000 just before the US election. The price showed much momentum, rallying to its all-time high.
While this time could be different, with no event at the moment to trigger the price to the upside, the price of Bitcoin sits at a critical support level. Different analysts speculate that the price of Bitcoin could go lower than this level, which would be a perfect opportunity for many traders and investors to jump on their favorite crypto pairs.
Source – Cryptowolf BTC Speculation On X
Famous crypto analyst CryptoWolf took to his X account to express his thoughts on BTC’s price action. He stated he expects the price of BTC to rally towards $87,000 before starting a fresh new start to the upside and possibly creating a new all-time high.
If the price of BTC retraces towards $85,000, we could see altcoins suffering more, considering how high BTC dominance has been trading above the 56 mark area as altcoins could see a further drop by 20%.
With Bitcoin’s price looking more likely to drop lower, whales would aim to buy into BTC at lower prices, which could push its price higher in the coming weeks. While altcoins take a nosedive, it would be a good opportunity to find altcoins with good technical and fundamental factors, as these ones will be the first to rally ahead of the market during price recovery.
Bitcoin Key Support – $91,000 and $80,000
