Analyst: If Bitcoin fails to hold the $90,000 support level, it may decline further in the short term

ChainCatcher news, according to Cointelegraph, Bitcoin has dropped to a daily low of $92,500, with analysts warning that if the $90,000 support level fails to hold, the price may continue to decline in the short term.

Burkan Beyli, co-founder of Biyond, stated in an interview that if Bitcoin falls below $94,000, the next target would be to drop to $81,000 within five weeks. For this bearish scenario to materialize, Bitcoin needs to close below $95,180 next week. Bears may take action when the CPI data is released.

Overall, I hold a bearish view on cryptocurrencies in the short term (4 to 5 weeks), but remain bullish in the long term, as I expect the DXY to correct after Trump takes office.