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Bitcoin's Bull Run Could be Tested if BTC Falls Below $91K: Van Straten
Bitcoin has had two 15% corrections since Donald Trump won the U.S. election.
Updated Jan 27, 2025, 11:26 a.m. Published Jan 27, 2025, 11:22 a.m.
What to know:
- Nasdaq futures have sold off as much as 4% due to concerns around China's DeepSeek AI model.
- Bitcoin's short-term holder cost basis is around $91,000, which is approximately a 15% correction from the all-time high.
Bitcoin fell just below $98,000, a near 10% drawdown from all time highs, with investors questioning the continuation of the bull run.
The fall was attributed to the concerns about China's DeepSeek Artificial Intelligence hyper-efficient model competing with the U.S. industry at a fraction of the cost.
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Since President Trump won the U.S. election, bitcoin has jumped from $66,000 to new all-time highs of $109,000. During the rally BTC corrected as much as 15% twice, in addition to multiple double-digit drawdowns. Therefore, bitcoin's 10% drop seems in line with previous drawdowns.
A reliable indicator of support during a bull market is the short-term holder cost basis, which is the average on-chain cost for coins that have moved within the last 155 days. This level is around $91,000 at the moment, which means if BTC falls below that point it could put a strain on the bull run.
But bearish sentiment is already starting to heat up, as funding rates for bitcoin have started to go negative. Also Arthur Hayes, co-founder of Bitmex, is calling for a correction between $70,000-$75,000, before seeing $250,000. CoinDesk's Omkar Godbole also reported that bitcoin may drop to $75,000 should it trigger a so-called 'double top' bearish reversal pattern.
The drawdown hasn't been contained to just crypto; U.S. markets are selling off, with Nasdaq futures down as much as 4%.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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