On January 20, news reports indicate that Bitcoin (BTC), under multiple pressures such as rising risk aversion, increased uncertainties related to Greenland tariffs, and whale profit-taking, has consecutively broken through key support levels, temporarily falling near $92,000. Several technical analysts and on-chain data platforms have issued warnings, suggesting that Bitcoin may enter a deeper correction phase.
Senior trader Peter Brandt stated that Bitcoin’s technical structure is reenacting the pattern seen before significant declines in the crypto market. He predicts that BTC could dip to the $58,000 to $62,000 range, an area close to the realized price and the 200-week moving average, which holds strong technical significance. The daily chart shared by Brandt shows that the current pattern is highly similar to previous sharp market corrections.
Analyst Ali Martinez also pointed out that Bitcoin’s price rhythm shows clear resonance with the 2022 cycle. Historical experience indicates that when similar structures appear, the market often undergoes a rapid decline to complete a mid-term correction. Additionally, some analysts noted that a bear flag pattern has emerged on short-term charts, with around $90,000 becoming a critical watershed for bulls and bears.
On-chain data also signals a cautious outlook. As BTC fails to regain stability above $97,000, there are signs of concentrated profit-taking among short-term holders and some large addresses. CryptoQuant’s research shows that the 30-day realized profit and loss indicator for Bitcoin turned negative for the first time since October 2023, indicating some holders are beginning to exit at a loss.
Onchain Lens revealed that some whales have closed long positions and established new short positions, putting short-term market liquidity under pressure. However, Glassnode pointed out that although the price has fallen near $90,000, overall momentum has not yet fully lost control, and the market is more likely to enter a consolidation phase rather than a one-sided decline.
At the time of writing, Bitcoin is trading around $90,800. The subsequent trend will still depend on macroeconomic risk changes, on-chain capital behavior, and ETF capital flows. For medium- and short-term investors, the $60,000 to $70,000 range is gradually becoming a key potential support zone of market interest.
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