!+[new-update] How low can the Bitcoin price go? ++!!

Bitcoin (BTC) price has declined by more than 8.5% over the last four days after briefly returning above the $100,000 level earlier this week.

Bitcoin Price, Bitcoin Analysis, Markets, Tech Analysis, Market Analysis — *BTC/USD daily price chart. Source: Cointelegraph/TradingView*

This drop has led to questions on whether this level is the local top for BTC price and, if so, how low can Bitcoin price go over the next few days.

Bitcoin price could drop to seek support at $90K – Analysts

Bitcoin’s latest downtrend has led market analysts to believe that the price might retest areas around $90,000.

“Bitcoin fell through the 97-95K support zone yesterday, all the way to the range lows,” said Bitcoin analyst AlphaBTC in a Jan. 9 post on X.

“The big question now is if it’s done or if it’s just cooling off slightly before running the 90K lows?”

The analyst said BTC price could bounce from the $90,000 level, but they “will have to assess the situation as price action evolves further.”

The accompanying chart below reveals that if the support at $90,000 breaks down, Bitcoin could drop toward the $88,600 and $87,500 zone.

Fellow analyst Emperor shared similar sentiments, saying, “Leverage is slowly getting removed from Bitcoin,” which could take the price to $90,000 where “a good bounce will be expected.”

Founder of MN Capital Michael van de Poppe expects the Bitcoin price to dip into the lower end of the $90,000 to $92,000 range, adding that another area of interest lies lower around $85,300.

“Likely taking liquidity beneath the lows before reverting back upwards.”

Julio Moreno, head of research at CryptoQuant, pointed out that traders’ unrealized profit margins onchain have declined significantly amid the ongoing Bitcoin price correction, adding, “This is healthy after a rally that got us above $100k.”

According to Moreno, the short-term downward target for Bitcoin is around $88,000, which is the traders’ realized price.

“Traders’ realized price (pink line, price support during bull markets) is at $88k right now.”

Bitcoin’s H&S pattern targets $73,000

From a technical point of view, Bitcoin’s price has formed a head-and-shoulders (H&S) pattern on the daily chart, as observed by veteran trader Peter Brandt.

In his latest Bitcoin analysis on X, Peter explained that although BTC’s major trend remains upward, the price action is tracing out an H&S top on the daily chart.

“This pattern might take prices to 73,000.”

A similar downward target was set by another analyst, Micro2Macr0, who believes that if Bitcoin price drops to the $90,000 level, it will not hold, paving the way for further losses.

Micro2Macr0 sets lower targets at $84,885 and $72,962, embraced by the 100-day and 200-day simple moving averages, respectively.

For trader and analyst Aksel Kibar, the last line of defense for Bitcoin lies at $73,700, around the previous BTC price all-time high, which is where the downside could be capped for BTC price.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.