Some market analysts have warned of deep short-term price corrections before Bitcoin establishes a new all-time high.

The price of Bitcoin dipped below the $94,000 price level on Dec. 29, down from an all-time high of about $108,000 recorded on Dec. 17, 2024.

According to data from CoinMarketCap, Bitcoin was down roughly 1.29% in the last 24 hours and 2.67% in the past seven days.

Bitcoin was trading well below its 20-day exponential moving average (EMA) and approaching its 50-day EMA as BTC’s price consolidated between $92,000 and $99,000, following a historic bull rally in November and December.

Still, since October the price of BTC has remained above its 200-day EMA, which is a critical level of support, and the relative strength index (RSI) was at 42, indicating the digital asset was neither overbought nor oversold.

Taker-Buy-Sell-Ratio dips below 1, and USDT dominance increases

The Bitcoin Taker-Buy-Sell-Ratio, a metric gauging market sentiment, was at 0.92. When the metric dips below 1, it indicates that bears are in control of the market, and when the metric is above 1, it shows that bulls are in control.

TradingView contributor The ForexX Mindset recently warned investors of a market dump that could take Bitcoin’s price down to around $81,500, arguing that rising USDt market dominance foreshadowed a drop in Bitcoin’s price.

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Rising USDt dominance is a signal that investors are seeking safety from risk-on assets and keeping their powder dry for another day.

Technical analyst Aksel Kibar also predicted a price correction to about $80,000. The trader said that a classic head-and-shoulders chart pattern signaled a potential pullback for Bitcoin in the coming days and weeks.

Perpetual futures funding rates remain positive

Despite the bearish signals from these onchain metrics and cautious sentiment from market traders, funding rates for BTC perpetual futures contracts remained positive.

Positive funding rates indicate that traders with long positions control the market and are willing to pay short traders to keep their positions open.

The long-term price of Bitcoin during this cycle is largely dependent on the incoming Trump administration’s regulatory stance and the Federal Reserve’s monetary policy in 2025.

This uncertainty has created widely differing price targets for the decentralized digital asset, with crypto mining company Blockware recently forecasting a BTC price between $150,000-$400,000 in the new year.