Bitcoin Price News Today: Analyst Says Price May Drop To $88k Next

Bitcoin continues to trade within a sideways range, with its price fluctuating between key support and resistance levels. The cryptocurrency is yet to break out in either direction, leaving investors in suspense about its next big move. The current pattern suggests that Bitcoin is still working through a consolidation phase. At the time of writing, Bitcoin is trading below the $98,000 mark and the coin has dropped by more than seven percent in the last week.

Resistance and Support Levels to Watch

Bitcoin is currently moving from a support level near the lower boundary of the sideways range towards resistance. The immediate resistance area lies between $97,521 and $98,430. If the price pushes through this range, it could signal a potential upward shift. However, a failure to break above this resistance may suggest more downside in the short term.

Short-Term Bearish or Bullish?

Currently, the short-term trend leans slightly bearish, as Bitcoin navigates through a corrective wave. If the price fails to maintain support at $93,633, there could be more downside, possibly targeting the mid-to-low $80k range. On the other hand, a strong breakout above resistance could signal the start of a more significant upward movement.

While the current focus is on short-term price action, it’s important to remember that the larger pattern remains bullish. The ongoing corrective structure could be part of a more extensive upward movement that could eventually take Bitcoin back to higher price levels. 

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Popular analyst Capo wrote,

“Don’t get scared if we see another 5%-10% drop to form a higher low. Just hold/buy the dip. This really looks like a local bottom formation.” However, he later made another prediction and said, “Maybe $88k-90k for BTC.”