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As Bitcoin (BTC) continues to maintain a recovery above the $90,000 mark, a market strategist has identified price levels to watch for the asset or risk of crashing to $50,000.
In this case, Bloomberg Intelligence senior commodity strategist Mike McGlone has noted that the asset is at a critical crossroads, identifying the $94,000–$84,000 zone as the defining “do or die” range that will determine its next major move, he said in an X post on December 8.
The strategist noted that this band is the threshold separating a renewed bullish recovery from a deeper structural decline. His analysis pointed to approximately $50,100 as a key mean-reversion target, derived from the average of Bitcoin’s yearly highs between 2021 and 2023 combined with its 2024 low, a level that comes into play if momentum continues to deteriorate.
Notably, this outlook aligns with analysis showing Bitcoin’s yearly candles losing momentum after the explosive gains of 2020 and 2021, with the current bar turning down even as broader risk assets attempt to stabilize.
Its long-running outperformance against the S&P 500 is also fading, reflected in a flattening and slight rollover in the Bitcoin-to-S&P ratio, signaling that the asset that once led markets higher may now be guiding them lower.
Bitcoin reverses losses
This outlook comes as Bitcoin climbed, reversing last week’s pullback as traders held firm to expectations that the U.S. Federal Reserve will cut interest rates this week.
The advance was supported by softer U.S. economic data that strengthened bets on a 25-basis-point cut at the Fed’s meeting ending December 10, with cooling inflation, reflected in the latest core PCE reading, bolstering confidence in a policy shift.
Generally, lower borrowing costs favor risk assets such as cryptocurrencies, but gains remained modest as mixed signals from policymakers kept investors cautious about the pace of easing heading into 2026.
Bitcoin price analysis
By press time, Bitcoin was valued at $91,983, having rallied almost 4% in the past 24 hours, while on the weekly timeframe BTC is up over 6%.
Despite the short-term recovery, Bitcoin’s technical structure is still in the red. In this line, Bitcoin’s current price sits well below its 50-day simple moving average (SMA) of $99,769 and 200-day SMA of $103,485, signaling a sustained downtrend as the asset trades at a discount to both short- and long-term averages, typically highlighting bearish momentum and potential for further consolidation unless bullish catalysts emerge.
Complementing this, the 14-day Relative Strength Index (RSI) at 45.12 remains in neutral territory, neither overbought nor deeply oversold, suggesting limited immediate exhaustion in selling pressure but room for a rebound if volume picks up.
