Cryptocurrency analyst David Vallieres predicts a 40% probability of Bitcoin re-testing the $73,600 breakout level if it falls below $92,600. Despite recent market dips and regulatory concerns, Vallieres maintains his long-term target of $123,000. The cryptocurrency has experienced a decline in the past week, mirroring the trend in most altcoins. MicroStrategy's continued Bitcoin purchases have yet to significantly impact its price.
Cryptocurrency analyst David Vallieres believes that the price of Bitcoin coud potentially re-test the breakout point of $73,600 if it breaks below the $92,600 level."The probability of that happening are about 40% imo. However, my ultimate target for the measured move is still $123K," the chartist noted in a recent social media post.
The flagship cryptocurrency is down 2.7% over the past 24 hours. It now down by nearly 13% over the past week. Most alternative cryptocurrencies have also taken a beating, with XRP slipping by as much as 4%. The Ripple-linked cryptocurrency, which stunned the market with tremendous gains in November, has now dropped to fourth place by market capitralization. It is currently valued at $122.7 billion.
On Dec. 17, the leading cryptocurrency soared to a record high of $108,135. However, it lost its bullish momentum after the Fedthat it was preparing to implement fewer rate cuts than initially expected in 2025. The cryptocurrency is down 14.1% from its record high. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption.
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