Bitcoin price: Analyst sees $75K as a ‘juicy target’ for investors
- Bitcoin price changed hands around $86k at the time of writing, down nearly 3% in 24 hours.
- But with latest price crash, Willy Woo says bears could target $75k
- Bulls are however upbeat and see the dip as an opportunity to stack more sats.
Bitcoin price dropped to lows near $82k on Wednesday, driven by overall investor jitters after the latest tariff announcements.
This comes as President Donald Trump has threatened an escalation in trade wars.
On Feb. 26, Trump threatened to impose 25% tariffs on the EU, and market reaction saw both equities and crypto dumped.
The crash saw over $779 million liquidated from the crypto markets.
As per Coinglass, Bitcoin accounted for the most liquidations in the past 24 hours at over $468 million.
Of this, more than $388 million represented longs and $79 million in bearish bets.
The massive wipeout of longs occurred as BTC price fell more than 6% to lows seen in November 2024.
The resilience, however, means BTC is back above $86k and may retest intraday highs of $89k.
Notably, the flagship digital asset crashed from $99.3k on Feb. 21.
Altcoins have likewise plummeted during this carnage.
Bitcoin Fear & Greed index had fallen to 10.
While it pointed to extreme fear, it also coincidentally hit a low worse than where it reached in the aftermath of the FTX collapse.
Chart of the week: BTC to revisit $75k?
Copy link to sectionAccording to Bitcoin investor and analyst Willy Woo, the correlation between Bitcoin and stocks is why liquidations soared as risk assets plummeted.
Summing up the outlook via a “chart of the week”, Woo said:
“BTC’s correlation to stocks takes out a cluster of liquidations down to 82k in the back drop of very neutral investor activity. 75k presents a juicy target apart from BTC being oversold with strong mean revertive forces now dominant.”
The analyst added;
“Regarding the mean revertive forces at play…Urgency Model estimates the direction and magnitude of urgency flowing through the books. The liquidation flush pushed this model to an extreme, all past times this happened we saw a bounce.”
Bitcoin price today: a buying opportunity?
Copy link to sectionWhile the market may yet witness further capitulation, analysts are largely upbeat.
In this case, the overall sentiment is at current levels, or any further declines will offer yet another buy opportunity.
According to insights from market intelligence platform IntoTheBlock, the sharp sell-off seen in the past few days adds to an overall scenario where declines may have flushed ‘excessive speculation.”
The on-chain metric the platform points to for this outlook is the account balances of short-term traders.
“Short-term traders’ account balances have dropped to levels not seen since October 2024, pointing to significant deleveraging. By flushing out excessive speculation, the market may have formed a healthier base for sustained upward momentum,” IntoTheBlock posted on X.
Is the market nearing capitulation? This on-chain metric offers a key insight👇 Short-term traders’ account balances have dropped to levels not seen since October 2024, pointing to significant deleveraging. By flushing out excessive speculation, the market may have formed a…
Bitcoin traded around $86,390 at the time of writing, down 2.7% in the past 24 hours and nearly 11% down in the past week.
The daily volume stood at $71 billion, a decrease of 3% on the day.
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