A decisive close above $100,000 would avert a slide to $78,000, says analyst

A decisive close for the leading cryptocurrency above $100,000 would neutralise the bearish scenario of a drop to $78,000, according to analyst Ali Martinez.

Yesterday, #Bitcoin breached the right shoulder of a head-and-shoulders pattern, invalidating the bearish setup. However, today’s reversal erased those gains, dragging $BTC back below the right shoulder and reigniting bearish concerns.https://t.co/B6bPCfLNjy

— Ali (@ali_charts) January 8, 2025

The analyst pointed to the head-and-shoulders pattern. In recent days prices completed its final component. On January 8 the price fell back below the right shoulder, bolstering the bear case.

A break below $92,000 would confirm the bearish scenario.

Earlier, the price broke down through a key support zone at $95,400–$98,400. In that range, 1.77 million addresses acquired 1.53 million BTC. Those coins are now at risk of liquidation, Martinez noted.

Trader Skew holds a similar view.

$BTC Binance Spot
Update:
Right around 1D lows ($92K — 88K), bid liquidity has been buffered up a decent amount with increased demand

Spot flow is going to be vital the rest of this week & $95K will be pivotal https://t.co/kKS0BJKDU5 pic.twitter.com/tgjGZGfMJi

— Skew Δ (@52kskew) January 8, 2025

“At around the monthly lows ($92,000–$88,000), offer liquidity has strengthened. Spot flow will be decisive for the rest of the week. $95,000 is the key resistance level”, — he said.

Trader Johnny expects bitcoin to fall over the next two to three weeks after the inauguration of Donald Trump as U.S. president.

$BTC

I think a move like this over the next 2-3 weeks going into the inauguration is highly probable pic.twitter.com/cUVnbzDOXq

— Johnny (@CryptoGodJohn) January 8, 2025

CryptoQuant CEO Ki Young Ju is more optimistic. He cited the Apparent Demand indicator, which compares the number of bitcoins mined with the number held for at least a year.

#Bitcoin apparent demand is back.

h/t @jjcmoreno pic.twitter.com/82WV1s3x2r

— Ki Young Ju (@ki_young_ju) October 15, 2024

QCP Capital called the current pullback in the leading cryptocurrency a pause that creates the conditions for a bullish rally ahead of Trump’s inauguration.

Asia Color — 8 Jan 25

1/ #Bitcoin has retraced to $95K, fueled by hotter-than-expected U.S. labor data.
JOLTS job openings surged to 8.1M (vs. 7.74M forecast), sparking risk-off sentiment as long-term bond yields spiked. This triggered ~$206M in liquidations within an hour.

— QCP (@QCPgroup) January 8, 2025

James Check of Glassnode wrote in a report that demand for bitcoin is falling despite a slowdown in selling. In his view, spot trading volumes have also dropped sharply since November—down 54% in a month and a half.

Earlier, Martinez identified $104,700–$105,770 as a key resistance zone; a breakout would set up new highs for bitcoin.

Earlier, Galaxy Research experts forecast digital gold at $150,000 in the first half and $185,000 in the fourth quarter of 2025.