Bitcoin (BTC) Price Analysis: 20% to 30% Correction Is the Most Bullish Thing That Could Happen, Says Ali Martinez

Bitcoin price is navigating volatile territory as prominent analysts share differing views on its future trajectory. A potential correction of 20% to 30% is drawing attention, with analysts considering it a healthy development for BTC price.

Bitcoin price analysis by experts suggests a potential correction of 20% to 30%, sparking attention. While some analysts view this correction as a healthy development for BTC price, others remain bearish in their outlooks.

A closer look at the varying perspectives and technical analysis reveals a complex scenario unfolding in the crypto market. As Bitcoin continues to navigate uncharted territory, traders and investors are keeping a keen eye on the price movements and seeking insights from prominent analysts.

Key Points:

Crypto analyst Ali Martinez highlights the possibility of a 20% to 30% correction, considering Bitcoin price around $94,500 and earlier discussions on a potential crash to $60,000.

Several analysts, including Tone Vays, Peter Brandt, Mark Newton, and Benjamin Cowen, present bearish outlooks, suggesting a correction to $73,000, a breakdown from a broadening triangle, and a downswing to $60,000.

From an on-chain perspective, a drop below $93,806 could lead to a decline to $70,085, while the movement of 33,000 BTC to exchanges and profit booking are also in focus.

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Bitcoin Price Analysis: Potential Correction, Bearish Outlooks Examined

Bitcoin price analysis by experts suggests a potential correction of 20% to 30%, sparking attention. While some analysts view this correction as a healthy development for BTC price, others remain bearish in their outlooks.

A closer look at the varying perspectives and technical analysis reveals a complex scenario unfolding in the crypto market. As Bitcoin continues to navigate uncharted territory, traders and investors are keeping a keen eye on the price movements and seeking insights from prominent analysts.

Bitcoin price analysis by prominent crypto analysts reveals a potential correction of 20% to 30%, as several analysts are discussing the possibility of a bearish scenario unfolding.

After Bitcoin price faced resistance at $97,300 and dropped below this critical support zone, several analysts are presenting varying perspectives on the future trajectory of BTC price.

A closer analysis of the technicals and traders’ sentiments provides further insights into the price action.

Bitcoin Price Analysis By Experts: Potential Correction, Bearish Outlooks Examined

Crypto analyst Ali Martinez stated on X, “A 20% to 30% correction is the most bullish thing that

could happen to Bitcoin $BTC!” This aligns with his earlier caution about a possible crash to

$60,000, considering current price around $94,500.

Martinez’s observations coincide with notable bearish outlooks presented by other analysts.

Tone Vays expressed concern about Bitcoin’s position below $95,000, stating it could lead to

further losses. He remarked, “Trading below $95,000 is ‘very, very bad’ because it increases the

probability of a correction to $73,000!” Similarly, Peter Brandt highlighted the risk of a

breakdown from a “broadening triangle,” potentially driving Bitcoin toward the $70,000 zone.

A 20% to 30% correction is the most bullish thing that could happen to #Bitcoin $BTC!

pic.twitter.com/YoSDrY5SEI

— Ali (@ali_charts) December 27, 2024

Mark Newton, another prominent analyst, suggested that a downswing to $60,000 may be

imminent, adding to the bearish sentiment. Echoing this, Benjamin Cowen drew parallels with

the $QQQ, suggesting a flash crash to $60,000 could occur near former U.S. President Donald

Trump’s inauguration day.

From an on-chain perspective, the outlook remains cautious. Martinez noted that a drop below

$93,806 opens the door for Bitcoin price to decline to $70,085. The recent movement of 33,000

BTC, valued at over $3.23 billion, to exchanges by investors suggests awareness of this bearish

scenario. Additionally, significant profit booking was observed on December 23, when $7.17

billion in Bitcoin profits were realized.

On the trading side, the percentage of long positions on Binance has dropped notably. “The

percentage of traders on Binance with open #Bitcoin $BTC long positions recently dropped

from 66.73% to 53.60%,” Martinez highlighted.

Bitcoin price’s recent dip below the critical $97,300 support zone further adds to the pressure