Bitcoin continues its downward trend by reaching lower troughs, testing the $100,200 support at the time of writing. If this support level is breached, BTC may fall to the range of $98,400 to $95,000. Altcoins are experiencing even more severe sell-offs. The question remains, what price target does Scott predict?
Price Targets for BTC, SOL, XRP, and ETH
If the weekly candle does not show a significant recovery, it could signal major concerns for analysts monitoring cryptocurrencies. Many cryptocurrencies are losing their weekly 50 MA level, and a closure below this point might suggest a movement toward the 200 MA area. Scott Melker has shared some exemplary levels for specific cryptocurrencies.
Anticipating a Drop Before a Sizable Rebound
While fear rises to its peak today, investors often overlook the potential for a price rebound, just as they ignore the possibility of a drop during an ascent. Despite many positive news rendering massive decreases trivial, bears are holding sway today. Martinez expects a swift turnaround to $106,500 and $112,000, beginning a short squeeze.
Analyst Psycho added insights on potential market movements.
“Look at this to show how absurd things might get in 2025. ETH dropped 47% in 75 days, then gained 92%. The current drop is just 32% from the peak. Repeating 2024’s situation could push ETH to $2,600. Remarkably, many major declines usually recover to reach new highs.”
Perhaps he is right, and a recovery might start. However, a user contrasted this optimism, stating:
“The notable difference between now and then is the 4-year cycle: the dip-to-peak cycle usually spans 1,065 days, potentially extending by +-1,080 days. This precisely aligns with the peak of 126,000 BTC on October 12.”
Many analysts awaiting a drop affirm this standpoint.