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Analysts warn Bitcoin will crash to $60,000

As it turned out by December 27, the trade-off for Bitcoin’s ( BTC ) 61% climb in November from about $67,000 to above $108,000 was an almost complete lack of a ‘Santa Claus’ rally ahead and during Christmas, which resulted in the coin changing hands at $96,273 at press time. BTC 6-month price chart. Source: FInbold Indeed, BTC performance in the last 7 to 10 days has been so lackluster that numerous cryptocurrency and on-chain analysts have started forecasting a significant plunge for the digital asset, even if many of them still see a longer-term rally. Analysts forecast Bitcoin flash crash as BTC rejects breakout above $100,000 A major trigger for the bearish prediction has been Bitcoin’s recent inability to find a stable footing above $95,000. The world’s premier cryptocurrency has spent much of the last week trading roughly in the range between $92,000 and $99,000 though most of the trading has been closer to the lower bound. Such a trend prompted Tone Vays, a derivatives trader and financial educator, for example, to forecast that, unless BTC manages to stably reclaim levels above $95,000, it could face a correction to $73,000. Peter Brandt, otherwise a staunch believer in Bitcoin’s strength, proved even more pessimistic as he hinted at a possibility the cryptocurrency’s next move could take it down toward $70,000. Hey trolls — this is not a prediction. Just always pointing out possibilities, not probabilities, not certainties. No screen shot is necessary $BTCA right angled broadening triangle could project back into the 70s and a test of the parabolic modality pic.twitter.com/n5sy6DxAMb — Peter Brandt (@PeterLBrandt) December 20, 2024 Brandt, however, reaffirmed his long-term optimism in the comments beneath the X post as he confirmed he still foresees an eventual rally above $130,000. Mark Newton, a director, and strategist at Fundstrat, similarly forecasted a retracement down to $60,000, though, again, the Wall Street analyst and advisory firm maintains a bullish 2025 price target for Bitcoin as the famous Tom Lee set it as high as $250,000 . Benjamin Cowen, the founder and CEO of ITC, mirrored the downturn prediction as he speculated BTC might mirror Invesco QQQ Trust and, thus, experience a flash crash to $60,000. Finally, Ali Martinez, the on-chain expert who compiled the other analyst forecasts for Bitcoin’s next move, opined that a significant short-term downturn is possible as the cryptocurrency is trading below ‘its most significant’ support zone at $97,300 and there are no logical stops between the support level $93,806 and $70,000. Bitcoin likely to set new records in 2025 despite December headwinds Despite the gloomy musings, the long-term picture remains generally optimistic for Bitcoin. Along with the aforementioned Peter Brandt – who believes in a long-term rally above $130,000 – and Tom Lee – who forecasted a climb to $250,000 in 2025 – the personal finance author Robert Kiyosaki estimated a surge to $350,000 and the digital assets lobbyist Perianne Boring opened up a possibility for a Bitcoin rocketing above $800,000 . Martinez himself, despite concurring that there is an imminent danger of a deep pullback, previously predicted that the most likely outcome of the current cryptocurrency market cycle is a BTC climb to approximately $220,000 before the next bear phase for digital assets. Featured image via Shutterstock The post Analysts warn Bitcoin will crash to $60,000 appeared first on Finbold . Seeking Alpha

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Bitcoin Exchange Upbit Has Halted Deposits and Withdrawals in These Altcoins Due to Optimism Network Upgrade!

Upbit, a leading global cryptocurrency exchange, has announced the temporary suspension of deposit and withdrawal services for Metal (MTL), Lisk (LSK), Brett (BRETT), Carv (CARV), and Plian (PI) due to the upcoming Optimism network upgrade. Upbit Announces Temporary Suspension of Deposit/Withdrawal Services for MTL, LSK, BRETT, CARV, PI Due to Optimism Network Upgrade The suspension will begin at 22:00 KST on Thursday, January 9, 2025, and will remain in effect until the stability of the upgraded network is confirmed. The resumption of services will be announced in an official update. Affected Digital Assets and Services Deposit and Withdrawal: MTL, LSK, BRETT, CARV Withdrawal Only: PI (Note: PI is a delisted asset on Upbit and is only available for withdrawal). Reasons for Suspension The temporary suspension is necessary to ensure the security and stability of the platform during the Optimism network upgrade. Resumption of Services Once the network upgrade is complete and its stability is verified, Upbit will restore deposit and withdrawal services. Updates on the exact timing will be provided via official announcements. Important Notes for Users During the suspension period, deposit refunds for affected digital assets will be temporarily unavailable. Refunds will be processed sequentially once services resume. Deposits may experience delays due to network congestion. Additionally, discrepancies may occur between blockchain confirmations and deposit reflections. For any unforeseen wallet or network maintenance, transactions may experience delays and will only be processed after thorough post-maintenance verification. *This is not investment advice. Continue Reading: Bitcoin Exchange Upbit Has Halted Deposits and Withdrawals in These Altcoins Due to Optimism Network Upgrade! Seeking Alpha