Bitcoin, the world’s largest cryptocurrency, recently dropped from its yearly high of $94,762 to $92,700, marking roughly a 2.18% decline. This move has raised short-term concerns, especially after Bitcoin ETFs saw a notable inflow of $697.2 million on January 5.
Despite it, Veteran financial trader Matthew Dixon believes this pause may be setting the stage for the next major move.
In a recent tweet post, Matthew Dixon says that this recent decline from the all-time high is a normal correction rather than a trend breakdown.
On the daily chart, Bitcoin appears to have completed an ABC corrective pattern, a common structure showing profit-taking rather than panic selling. After this correction, Bitcoin moved into a falling wedge pattern, which is often seen as a bullish continuation setup.
At the same time, the RSI has reset from oversold levels, which suggests selling pressure has cooled and momentum is stabilizing.
Long-term holders are no longer selling aggressively, while short-term holders with roughly holding BTC for more than 150 days are stepping in near key levels. This shift shows buyers are still active, and the overall market structure remains constructive.
From a support perspective, Dixon points to $82,000–$85,000 as the key support zone. As long as the bitcoin price stays above this range on daily closes, the overall uptrend remains safe.
On the upside, Bitcoin faces several resistance zones. The first hurdle sits between $95,000 and $98,000, where price has struggled recently. A successful break above this range could open the door to $108,000–$112,000, a level tied to a previous breakdown.
Looking ahead to Q1, the outlook remains constructive. January is expected to stay volatile, with prices moving within a broad range. February could bring a push above $100,000, helping momentum build.
By March, if momentum continues to build, a retest of the all-time high zone between $120,000 and $128,000 becomes possible later in the quarter.
Beyond charts, institutional activity is adding strength to Bitcoin’s long-term story. Morgan Stanley, one of the world’s leading financial firms, has filed to launch a Bitcoin Trust.
Other major banks, including Goldman Sachs, JPMorgan Chase, and Citigroup, are also expanding crypto-related services, from trading desks to blockchain-based custody and settlement.
This move signals a shift from testing crypto exposure to offering direct access for investors.
Major risks include global recessions, tighter crypto regulations, declining liquidity, or a sustained breakdown below key support levels.
Bitcoin price forecasts for 2030 range from $380K to $900K, driven by scarcity, long-term adoption, and expanding institutional participation.
While uncertain, many long-term projections suggest Bitcoin could exceed $1 million by 2050 if it becomes a global store of value.
Bitcoin’s fixed supply makes it attractive as an inflation hedge, especially during currency debasement and long-term economic uncertainty.
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