Bitcoin Bulls Brace as Charts Hint at Another Drop

Bitcoin (BTC)’s recent price action is reinforcing the idea that the market is still navigating a corrective phase rather than the start of a fresh impulse higher.

Indeed, Bitcoin has continued to print lower highs and lower lows since rolling over earlier this cycle, with the decline carrying price into a local bottom formed in November, per an analysis shared by renowned cryptocurrency expert CoinsKid in an X post on December 12.

While Bitcoin has since bounced, the broader structure remains fragile. CoinsKid notes that the current recovery shows two instances of higher highs and higher lows off that November low, but the overall move still appears corrective in nature, resembling a three-wave structure rather than a sustained trend reversal.

Until proven otherwise, the rally into December may simply be relief rather than resolution.

Key Levels Are Doing the Talking

At the moment $98,448 is the level that continues to stand out on the charts. CoinsKid has identified this zone as the first major GCBT level, which aligns closely with the top of the ‘CoinsKid Ribbon’ on the daily timeframe. 

A move into this area could act as a temporary magnet for price, especially if Bitcoin struggles to reclaim and hold the daily ribbon as support.

If BTC fails to stabilize above that ribbon, the risk increases that another leg lower is still ahead. CoinsKid has suggested that such a move could be necessary to fully complete the broader correction that began after what he described as a retail-driven top.

At the same time, the longer-term picture hasn’t been abandoned. CoinsKid has remained confident that Bitcoin will eventually trade at $119,370 again, a level he believes is effectively “written in the charts.” However, the path toward that target may not be direct.

Why $80K Is Still on the Table

Currently, the price of Bitcoin stands at $92,191.89, suggesting a 2.01% increase on the day and a gain of 1.22% across the week, as well as a loss of 11.85% over the past month, per the latest data.

Despite the recent bounce, CoinsKid has warned that Bitcoin could still see another push toward the $80,000 region before a durable bottom is in place. Such a move could potentially truncate early, but it would fit the idea of a final washout before the market resets.

Unless Bitcoin can decisively reclaim the daily ribbon and hold its support, the risk of renewed downside pressure remains elevated. For now, the charts suggest the correction that started months ago may not be over just yet.

As CoinsKid put it, he’s open to being proven wrong, but until price structure improves, caution remains the dominant signal.

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