Will Bitcoin crash to $80,000? Risk of pullback increases now that Nasdaq is stagnating

The Bitcoin (BTC) price started December strong, but is now under pressure. Analysts warn of possible further declines as both charts and signals from Wall Street point to deteriorating market sentiment. Should we be concerned?

Bitcoin price under pressure after rejection at resistance

While Bitcoin touched $94,000 earlier this month, the BTC price has now fallen below the psychological limit of $90,000. According to market analyst Omkar Godbole, these losses may not stop there.

According to the analyst, there is a real risk that BTC will fall back towards $80,000, a drop of just over 10 percent from the current level. That level was also briefly touched on November 21. This was followed by a recovery, but that could easily be short-lived.

Technically, Godbole sees several indications of a possible correction. Thus, the peak to around $94,000 was abruptly aborted. He also points to deteriorating sentiment at the Nasdaq.

Investors are eyeing the Nasdaq with suspicion. The index fell by 1.9 percent on Friday. In addition, a so-called bearish ‘engulfing candle’ formed on the weekly chart. With this technical signal, you will first see a small green (rising) candle, followed by a larger red (falling) candle that completely overshadows the previous one. Simply put, this indicates a possible trend reversal to the downside.

The MACD indicator on the Nasdaq index is also weakening. The MACD measures the momentum behind price movements and a weakening indicates that the uptrend is losing steam.

The developments are worrying for BTC. As a technology exchange, the Nasdaq is often a leading indicator of investors’ risk appetite. When the Nasdaq performs poorly, it usually says something about the prospects for crypto.

According to Godbole, Bitcoin is therefore more likely to break out of its current corrective upward move to the downside than to continue momentum towards new highs.

Dutch analyst Ted also endorses Godbole’s analysis. He points to an ascending support line that BTC is currently testing. If this fails, he believes a decline towards $80,000 is also likely.

Earlier today, our own technical analyst Erik Juffermans also delved into the graphs. You can read the detailed analysis in this article.

Decisive week for crypto

Crypto analyst Michael van de Poppe also calls the coming week important for the direction of the market until 2026. According to him, there are signs of a shift within the crypto sector.

One of those signals is Bitcoin’s declining dominance. While Ethereum (ETH) is gaining ground, BTC is losing market share. Van de Poppe speaks of a slow rotation of capital, with investors switching to alternatives to Bitcoin.

According to him, that shift started at the end of July, when Ethereum received more and more attention at the expense of Bitcoin as the main currency in the market. Yet many other altcoins are lagging behind. According to Van de Poppe, this points to an imbalance between how the market moves and how prices develop.