Bitcoin (BTC) has reached key supports after a nearly 30% drop from its all-time high. With Bitcoin’s price dropping to around $80,000, analysts are searching for a new price floor for BTC. The recent correction has wiped out the growth driven by the excitement around Trump’s policies, the US President. Filling the CME futures gap; Key level at $78,000. One of the important levels analysts are focused on is a price gap in the Chicago Mercantile Exchange (CME) futures market created when Bitcoin surged above $100,000. This gap ranges from $78,000 to $80,700, and Bitcoin has almost completely filled it today. According to prominent analyst Rekt Capital, besides this downward gap, there is an upward gap in the range of $92,000 that could serve as the next target for BTC if the price rebounds. In the past, CME price gaps have often been quickly filled, but some are seen again during major market trend changes. Long-term target $76,000; Deeper correction on the way? Veteran analyst BitQuant, who had previously predicted key Bitcoin highs and lows, still expects a deeper correction. He had warned since December 2024 that $90,000 is not a solid support and Bitcoin could drop to around $76,000 before resuming the upward trend. Binance order book analysis shows significant buying orders in the $70,000 to $79,000 range, around $1.8 billion, have appeared. However, as noted by analyst Daan Crypto Trades, this liquidity can be added or removed by large market players to impact price movements. On the other hand, CoinGlass data indicates that over $3 billion of long positions have been liquidated in the past five days, increasing the risk of further price decline. Investors’ rush to buy at the bottom, but is it the right time? With Bitcoin’s price drop, discussions on social networks about buying at the bottom have increased. The sentiment platform reports that the volume of these discussions has reached the highest level in the past 7 months. However, based on historical data, when the public’s enthusiasm for buying at the bottom increases, the price often follows a different path. Sentiment believes that for a reliable bottom to form, investor excitement must first decrease. This process occurs when the market becomes indifferent or despondent, not when most traders are looking to buy. Conclusion Major economic factors, such as new tariff implementations by Trump and economic uncertainties, have exerted further downward pressure on Bitcoin’s price. While some analysts expect BTC to reach a bottom in the $70,000 to $78,000 range, market uncertainty still prevails. If real demand increases, there is a possibility of the price returning to $92,000; otherwise, we might experience a deeper correction to $76,000 or lower.
