Extremely Bearish: Is $91K New Bitcoin Price Target?

Bitcoin's market has turned 'extremely bearish' as it dropped below a key support level of $102,000, leading analysts to predict a potential decline to $91,000 or even $72,000 if this trend continues. On-chain analysis from CryptoQuant indicates that this fall signals a loss of a critical support threshold vital for maintaining the current bull cycle. Their Bull Score Index has plummeted to zero, a level not seen since June 2022, prior to the last bear market. Analysts warn that a recovery above $100,000 is crucial to prevent a significant correction, echoing patterns observed in late 2021. In contrast, Glassnode argues that the market is experiencing a mid-cycle correction rather than a complete capitulation, with most holders still in profit. As market sentiment fluctuates, Bitcoin hovered around $101,000, with Ether also experiencing a downward trend.

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