PK Press Club – (BTC), the largest cryptocurrency, finally falls below $90,000, losing $118 billion in capitalization in 12 hours. However, the verified CryptoQuant author does not expect this decline to be much smaller since short-term holders remain profitable.
Bitcoin (BTC) price at $88,000: Following (LON:) key level to follow
In the short term, the price of Bitcoin (BTC) could find its local “bottom” at $90,000. However, entering “breathing space” in the $88,000 zone will not surprise pseudonymous cryptocurrency analyst Percival, the verified author of CryptoQuant.
Such a prediction was shared by the analyst in his latest CryptoQuant QuickTake publication.
He noted that a combination of factors demonstrated that the powerful “selling pressure” of the final days of 2024 had extended into the start of the new year. Additionally, he noticed that Bitcoin ETF flows have declined, while Open Interest has also seen a massive decline.
At the same time, short-term Bitcoin holders might not mind the current decline:
Even though “the odds are in favor of the $90,000 floor,” the expert recommends all traders look toward $88,000, as this level is of primary importance for short-term holders.
$700 million liquidated in worst session for bulls
Furthermore, the speaker does not see the opportunity for the price of Bitcoin (BTC) to go further even if it reaches $88,000.
Meanwhile, Bitcoin (BTC) is in the midst of its worst sell-off in the last three weeks. Net crypto liquidation volume exceeds $700 million, according to CoinGlass data.
Of this sum, $300 million was erased in the last four hours. Bitcoin (BTC) fell to $89,500 but later recovered to $92,500, causing both bulls and bears to suffer.
