A 2.1% weekly drop in the BTC price has put Bitcoin back in focus as market uncertainty starts to creep in again. With the year moving into its final stretch, traders are closely watching key technical levels, ETF flows, and on-chain signals to figure out what could come next.
Summary
- Institutional investors are pulling funds from spot Bitcoin ETFs, but corporate accumulation continues, supporting long-term confidence in BTC.
- Key resistance sits at $88K–$89K, with a potential upside toward $92K–$95K, while critical support remains at $86K, with further downside possible to $84K–$80.5K.
- The BTC price prediction is currently neutral-to-bullish, with recovery scenarios intact above $86K and broader bullish potential if BTC breaks $92K before year-end.
Current market scenario
The Bitcoin outlook looks mixed. Institutional investors are withdrawing capital from spot Bitcoin ETFs, but corporate accumulation continues to grow, reinforcing belief in BTC over the long term.
On Dec. 15, selling pressure intensified, triggering approximately $200 million in long liquidations within an hour. The sudden move pushed the BTC price below the $87,000 support level and briefly down toward $85,000.
Since the dip, prices have stabilized a bit. Bitcoin (BTC) currently trades near $90,000. Although the bounce is promising, bears still hold the upper hand.
With selling pressure remaining relatively low, this recent decline appears more like a normal correction than a shift in trend.
Upside outlook
The $88K–$89K range is the bulls’ make-or-break zone. A breakout here would suggest renewed strength and could pave the way for a move toward $92,000–$95,000.
This resistance matters because getting past it would confirm that a broader trend shift is underway. A decisive push above $95,000 could restore bullish sentiment and set the stage for a potential $100,000 retest before the year wraps up.
If it comes to pass, the BTC forecast would look more bullish. With better technical momentum, growing institutional demand, and a steady rally, sidelined buyers could return and bearish pressure would fade.
Downside risks
Upside potential exists, but $86,000 is a key level to watch. If support fails here, BTC could face another leg down.
If that happens, Bitcoin could test $84,000, with further downside toward $80,500. This would likely eliminate weak hands and push a serious recovery into early 2025.
Given the current state of affairs, the Bitcoin price prediction remains cautious, particularly if ETF outflows and broader economic challenges continue to weigh on the market.
Bitcoin price prediction based on current levels
Right now, Bitcoin looks like it’s testing a key inflection point. Bears have the upper hand in the short term, but with selling pressure staying relatively light, downside momentum appears to be weakening. A $89,000 reclaim would signal improving market conditions.
As it stands, the BTC price prediction is neutral to bullish. Staying above $86K keeps recovery scenarios intact, while a breakout beyond $92,000 could shift the broader Bitcoin outlook back into bullish territory before year-end.
Source link
