Is Bitcoin Heading for a Bear Market Cliff at $96K? Hold onto Your Hats! đŸ»đŸ’„

by
  • Bitcoin’s recent price dip—like a drunken poet stumbling home—exposes a curious change in its admirers’ moods.
  • Historically, such melancholy sighs have been the bear market’s opening act, played softly but decidedly ominous.

Ah, Bitcoin [BTC], that digital rascal, has stumbled back to $74k—like a theater star caught in a bad review—signaling a rather suspicious rearrangement in the market’s grand drama.

The Short-Term Holders (STHs), those fleeting butterflies hoping for a quick nectar sip, now nurse unrealized losses as if nursing a hangover. Meanwhile, the Long-Term Holders (LTHs), those stoic monks of coin, remain tucked warmly under their profitable blankets despite the brewing storm.

In the twisted corridors of history, when these sprightly STHs settle into the dusty robes of LTHs, it often heralds the sinister awakening of a bear market—an ominous beast with a taste for chaos.

As the wise scribes at AMBCrypto lament, a surge of hopeless holders drowning in losses could unleash a torrent of selling—forcing once-proud coin masters to flee their posts faster than you can say “blockchain.”

Lest we don our rose-colored spectacles, this shift doesn’t yet scream “bear market!” But, dear reader, keep a watchful eye—if this dance persists, we might find ourselves at the dawn of a grim waltz downward.

Psychological Breakdown (No Freudian Couch Required)

Bitcoin’s wild price sprint in Q4 attracted a flock of STHs, chasing brief glimpses of glory, then exiting stage left at the first price perk.

Since that tragic fall of the $96k support in February’s cold dawn, STH supply has faded like cigarettes at a late-night tavern—signaling distressed, nervous distribution.

The chart below, a grim portrait in shades of “extreme red,” reveals STH Net Unrealized Profit/Loss (NUPL) sunk into depths so bleak, even Gogol would shy away. Historically, this blood-red hue is the harbinger of bear market nightmares.

With Bitcoin languishing below this critical threshold, some 3.6 million STH addresses writhe in unrealized losses—that’s more agonized souls than a Dostoevsky novel.

At first blush, one might dream this spells bullish rebirth.

Alas, should the holding saga drag on, these impatient youths could morph into LTHs—ushering in the bear market’s opening sonata or, at minimum, a protracted corrective lament.

When $96K Breaches
 It Might Get Ugly

These wallets, currently nursing their losses like a hangdog at a Moscow winter, hope Bitcoin reclaims glory—either to break even or to snatch sweet gains.

Since Bitcoin last defied the dreaded $96k resistance a fortnight ago, their prolonged wait hints at an STH-to-LTH metamorphosis brewing behind the curtains.

Should Bitcoin shatter this mighty barrier, profits might pour forth faster than vodka at a midnight feast, prompting a chaotic grand sell-off—the kind that makes even Ivanovna clutch her pearls.

This distribution act would amplify the downward pressure, potentially igniting a bear market’s full fury as coins scatter like frightened pigeons at Red Square.

Therefore, the longer Bitcoin lingers beneath this resistance wall, the louder the seller’s choir grows—singing an ominous refrain of correction.

So, keep your wits sharp and your humor sharper. The market’s theatre is far from over.

Read More

2025-04-20 02:22