crypto market today dec 09th 2024 bitcoin holds 99k link leads top 100 gainers 1024x536 1

On the night of December 30, Bitcoin approached the lower boundary of its 10-day trading range ($92,500–$99,500). Analysts foresee a potential continuation of the correction before the cryptocurrency recovers to new all-time highs, as reported by Cointelegraph.

At the time of writing, Bitcoin is trading at $93,650, reflecting a 1.5% decline over the past 24 hours.

The report highlights that the price has fallen below the 20-day moving average (DMA) and is heading toward the 50 DMA, which is converging near $80,000.

RSI has not yet reached oversold levels, leaving room for bearish movement.

The Crypto Fear & Greed Index dropped to 65 points, marking its lowest level since October 15, 2024.

Analyst Axel Kibar targets $80,000, anticipating the completion of a “head-and-shoulders” pattern.

If the pattern acts as a H&S top, the price target is at 80K. This can be the pullback to the broadening pattern that completed with a breakout above 73.7K. $BTCUSD https://t.co/aWeNdWVkMz pic.twitter.com/QbGi08AfcH
— Aksel Kibar, CMT (@TechCharts) December 26, 2024

10x Research reiterated their expectations for heightened volatility and rejected the widely held belief that Bitcoin would maintain its parabolic growth ahead of Donald Trump’s inauguration.

Technical analyst and Factor LLC CEO Peter Brandt suggested Bitcoin’s price might follow the “Hump Slump Bump Dump Pump” model, where only the final component remains unfulfilled.

If you are a Bitcoiner, take a look at this post from several years ago.
It describes the famous Hump Slump Bump Dump Pump chart construction in $BTC
Same thing could be happening nowhttps://t.co/GUVydv7F9b pic.twitter.com/dW3uAar3OQ
— Peter Brandt (@PeterLBrandt) December 29, 2024

This formation describes an initial price rise (hump), followed by a decline (slump), recovery (bump), drop (dump), and concluding rebound (pump).

CryptoQuant founder and CEO Ki Young Ju concurred with Brandt’s analysis.