[Analysis] "Bitcoin enters correction phase…possible drop to $90,000"

JOON HYOUNG LEE

Summary

A DarkPost CryptoQuant contributor said Bitcoin has entered a short-term correction phase and may fall to the $90,000 range.
DarkPost presented the main resistance zone as $107,500–$110,500 and said a breakout appears difficult, making a short-term rebound unlikely.
It emphasized that doubts about the cycle ending and selling pressure from long-term holders are suppressing Bitcoin's ability to recover.

Bitcoin (BTC) prices could fall further to $90,000, according to an analysis.

A DarkPost CryptoQuant contributor said on X on the 8th (local time), "Bitcoin has entered a short-term correction phase," and "in such a correction it usually gives back about 50% of the previous gains." DarkPost said, "This corresponds to the $96,800 level," and noted, "momentum is clearly bearish."

It identified the main resistance zone as between $107,500 and $110,500. DarkPost said, "Doubts about the end of the cycle and selling pressure from long-term holders are suppressing Bitcoin's ability to recover," and analyzed that "only if the (main resistance zone) is broken will a true bullish reversal be possible."

However, it said the chance of a rebound is low. DarkPost said, "In the short term, a rebound still appears difficult," and "Bitcoin may remain in the lower box range around $95,000 or, in some cases, fall into the $90,000s."

Meanwhile, as of 3:37 p.m. that day, on CoinMarketCap Bitcoin was trading at $101,819.97, down 0.54% from the previous day. Compared with a week ago, it is down 7.69%.

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