Bitcoin price set for a massive crash if this crucial level is lost 
Cryptocurrency Dec 10, 2024 Share
Bitcoin’s (BTC) performance in the cryptocurrency market in the last month has, in many ways, been reminiscent of the previous bull cycles. Specifically, the cryptocurrency has been moving at a neck-breaking pace, generating or erasing tens and hundreds of billions of dollars of value within ours.
One on-chain expert and cryptocurrency analyst, Ali Martinez, has found a constant amidst the volatility: BTC’s most important support level.
Indeed, according to the expert, Bitcoin must remain above $96,000 with at least relative consistency, lest it face a collapse to $85,000. Interestingly, despite the cryptocurrency market’s dynamism and BTC making the round trip toward $104,000 and back last week, the crash zones have remained fairly consistent.
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I think it is very important for #Bitcoin $BTC to hold above $96,000. Otherwise, we could repeat last year's pattern, with a potential drop to $85,000! pic.twitter.com/xVOX41Fek0
— Ali (@ali_charts) December 10, 2024
Why Bitcoin could crash to $85,000
On November 26, as Bitcoin was facing a correction from almost $99,000 toward $91,000, Martinez explained in an X post that if the coin failed to stabilize above $91,583, it would decline all the way to $85,610.
Furthermore, the expert grounded a part of their prediction in BTC’s historical performance.
As 2023 was rolling into 2024, the world’s premier cryptocurrency entered a rally that took it toward $50,000, but, having failed to sustain the momentum, the flagship digital asset corrected below $40,000 by mid-January.
Still, such a historical comparison also indicates that, even if Bitcoin drops to $85,000, it is unlikely to stay depressed. In fact, after collapsing below $40,000 in mid-January, BTC took no more than two weeks to reenter the rally that eventually took it to its first decisive all-time high (ATH) of the year, near $73,000 in March 2024.
If the entire round trip were repeated, it would indicate that the world’s premier cryptocurrency could climb to $160,000 in late January or mid-February.
Finally, Ali Martinez is far from the only prominent voice in the community who is fearful of a short-term crash but mostly confident in an even greater long-term rally.
For example, the prominent investor and author of the best-selling personal finance book ‘Rich Dad Poor Dad’ Robert Kiyosaki warned on December 1 that Bitcoin would soon crash to $60,000. However, he simultaneously explained that such a movement would create a ‘buy the dip’ opportunity and that the coin would eventually settle closer to $250,000 in 2025.
Bitcoin price chart analysis
Whatever the future might bring, it is worth pointing out that Bitcoin does not, at press time, appear in danger of a crash to $85,000 or a collapse to $60,000. Indeed, despite the major sell-off late on December 9, BTC remains 22.67% in the green in the last 30 days and appears to have some stability at its press time price of about $97,750.
BTC 30-day price chart. Source: Finbold
Additionally, technical analysis (TA) hints that the cryptocurrency’s next move will be upward as its 1.51% 24-hour drop led to a relative strength index (RSI) of 60.05 – well below ‘overbought’ territory.
Featured image via Shutterstock