Analyst: Bitcoin's Bounce Momentum Weakens, Could Fall to $76,000

BlockBeats News, January 8th, according to Cointelegraph, after rising to nearly $95,000, Bitcoin fell back to near the year's opening price, with the possibility of even dropping below $90,000 within the intraday time frame.

Keith Alan, co-founder of the trading resource platform Material Indicators, said: "Bitcoin's initial breakout attempt has been clearly rejected." Earlier this week, he warned that bearish forces on higher time frames were at play. He pointed out that the focused technical support was concentrated in the $87,500 to $89,000 range.

Alan also stated: "With a macro death cross likely to appear on the weekly chart later this month, any upcoming rebounds should be viewed as a 'sell the high event' unless evidence emerges to suggest otherwise."

Trader Roman, after warning multiple times about Bitcoin's macro downside risk in 2025, reiterated a short-term target of $76,000, a price level last seen in April this year. Roman said: "Currently around $89,000, the downside continues. I still believe $76,000 is coming, and all this consolidation is just a reset to get there. I haven't seen any signs of a reversal, and the higher time frames remain very bearish."