BTC Targeting $72k: 5 Reasons Why the Bears Are in Control

[buwaytress]

I also predicted, with the help of my TA, that BTC would move into a downtrend. This was around early November, when BTC retested ~$107k, triggering a correction. The market saw it as another significant support level and expected it to go to a new high because of that reclaim in the region. Upon checking the stablecoin dominance chart, it shows that it has reclaimed support there as well. It's quite expected to see it, and it seems like we're still headed to a new low.

Maybe it's time to set one out when waiting to get to that new low to go bullish again.

And every time it regains like it has right now, I keep thinking this will only prolong the pain, and deepen it when it eventually comes. All that in short-term framing, of course. December's keen on Fed rates, that's almost for sure, and I think some adjustment for next week's decision is what's bumping BTC up a bit now. Beyond this month though..?

[YOSHIE]

BTC Targeting $72k: 5 Reasons Why the Bears Are in Control

Yes, we can understand these five reasons, for me it is reasonable speculation to be accepted, the market goal is to make the Bitcoin price plunge to the $75k level, not something that is impossible.

However, I have my own speculation for the price of Bitcoin in the future, I believe Bitcoin will touch the $50k level, that's what I think.
The reason: as far as I know and from the experience I have seen, Bitcoin is not adopted on a large scale by governments able to maintain it longer, what's more, the money used is state money, so if the government is right as I said, of course they will release the Bitcoin automatically, the decline in Bitcoin prices will be unstoppable, it will fall into freefall.

And other reasons that strengthen the price of Bitcoin will plummet further.

[Zanab247]

There will still be another dump that will happen in this month of December that will make both long and short time investors to know that bear market is on board, because some are still doubting if there will be bull market before the bear market will takeover fully.The dump that happened few days ago nearly hit $72k, before it started pumping to hit back $90k to allow those that want to sell to earn profit to release their BTC.

I believe you know that supplier and demand are the ones controling the market price, what is happening now show that there is a massive suppliers in the market, and it will cause the price of BTC to start dumping to enter massive bear market soon.

[Alpen]

In 2021 when we dropped from 60k we went to 30, therefore people thought that next time we go below 60 we will again go to 30, but no. Instead we almost instantly passed 30k and went to 25k.

I don't know who thought that back in 2021. The history of the cryptocurrency market has clearly demonstrated Bitcoin's four-year cyclicality. Major crashes happen once every four years and never twice within a year or two

[Yaunfitda]

In 2021 when we dropped from 60k we went to 30, therefore people thought that next time we go below 60 we will again go to 30, but no. Instead we almost instantly passed 30k and went to 25k.

I don't know who thought that back in 2021. The history of the cryptocurrency market has clearly demonstrated Bitcoin's four-year cyclicality. Major crashes happen once every four years and never twice within a year or two

That's true there will be one major crushes, I cant' recall the last lowest low though, but in the prior bull run of almost $20k, if still my memory serves me right, the lowest low during that crazy bearish season is $3k. So that is a huge dump in prices but we still recover and bounce back in the next bull run. So that is the 4 year cycle. Others say it might be very different, but the point is that it will happen eventually and that is our history. For now though, since the market goes to $92k, I don't think that the bears has control of the market. The bulls is still pushing for at least $95k the way I see if and if everything works out right, then we might still see 6 digits at the start of the year and the bear season might have to be delayed by a couple of months. But as what I have said, it's inevitable, sooner or later the bears will take over the market.

[free-bit.co.in]

For now though, since the market goes to $92k, I don't think that the bears has control of the market. The bulls is still pushing for at least $95k the way I see if and if everything works out right, then we might still see 6 digits at the start of the year and the bear season might have to be delayed by a couple of months. But as what I have said, it's inevitable, sooner or later the bears will take over the market.

Whether Bitcoin rises to $92k or $100k in the coming days doesn't guarantee that it's a sign the bears have weakened and the bull market will continue. This could be a sign that the bulls are regaining the upper hand, but it could also just be a dead cat bounce, anything is possible.

Bitcoin rebounded to $93k today because the market believes the Fed will lower interest rates. It can be said that the market is reacting to this news, and it is very likely that after the news is released today, the market may correct downwards again. Similar to previous interest rate cuts, so don't get too excited and complacent just because of Bitcoin's small recovery.

[shinratensei_]

Bitcoin is currently 90k now after FED announced interest cut which bitcoin should be going up instead of going down but the market seemingly priced in so there's a small dump happening.
At the worst case, $72k is still far away, even if bitcoin trying to retest support, it will consolidate around the price of $84k - 94k for a while. Those 5 reasons are 5 weak reasons.

The weak spot demand can split literally anytime if there is a good news about bitcoin, since there's rate cut, I expect more money to flow into BTC ETF and Spot.