Will Bitcoin Drop to $74K? Analyst Reveals Critical Support Level for BTC

O Bitcoin Bitcoin (BTC), the pioneering cryptocurrency, is currently at a pivotal juncture. Following a recent price correction, the $92.180 level has emerged as a critical support, according to the MVRV Price Bands observed by renowned cryptocurrency analyst Ali Martinez on Feb. 3.

A break of this level could trigger a new bearish wave, with the next target at $74.400, the expert revealed. “$92.180 is now one of the most critical support levels for Bitcoin $BTC, based on the MVRV Price Bands. If this level breaks, $74.400 becomes the next target,” wrote .

Despite the recent price correction in the market, Bitcoin traders still hold a profit margin of 3,36%, according to Martinez. This information, sourced from on-chain data, suggests that the market has not yet reached an exhaustion point. Historically, local price bottoms form when the profit margin falls below -12%. Analysis suggests that this move could mean there is more room to fall before a true bottom is reached.

“Despite the recent price correction, Bitcoin traders $BTC still hold a 3,36% profit margin. Since 2022, local bottoms have typically formed when the profit margin drops below -12%, suggesting there may be more room to fall before a true bottom is reached,” explained Martinez.

The $92.180 level is therefore a turning point for Bitcoin. If this support holds, the cryptocurrency could find new momentum to resume its upward trajectory. However, if the level is broken, the decline could intensify, with the next target at $74.400.

It is worth noting that the cryptocurrency market faces a significant drop earlier this week, with the Bitcoin (BTC) price today falling nearly 9% to $91.200. At press time, the BTC price was now trying to stabilize, trading near the $94.724,43 zone, down 4.8% in the last 24 hours.