Will Bitcoin Hit $62K or Break Toward $200K First? Analysts Weigh In

Bitcoin’s price fell by over 10% from its highs in late January and went below $81,000 before stabilizing above $82,400 on Friday, January 30. This price fall led to liquidations exceeding $1.7 billion in the cryptocurrency market, according to CoinGlass data. Out of this total, Bitcoin’s price contributed $752.53 million in long liquidations over the last day.

As a result, Bitcoin’s price fell by over 5.94% on the day. This fall in price has brought the cryptocurrency’s price to a point where traders have been paying close attention since the beginning of the year.

Analysts have pointed out that at this point, the market’s focus is on Bitcoin’s ability to hold above the $80,000 price zone.

Bitcoin Holds Macro Trend Above 21 EMA

Analyst Egrag Crypto pointed out the importance of the Monthly 21 EMA in Bitcoin’s price and its effect on its trend in the coming days. 

He pointed out that the price continues to compress below the 21 EMA and that this indicator has not closed below the price since October 2023. He added that the slope of this indicator ensures that Bitcoin remains above its rising channel.

This fall in price can be considered a normal digestion in a bull market, and a fall to $62,000 is possible in the coming days as a correction to reset the market’s volatility. However, this price will become bearish for the market only if the price closes below this point on a monthly timeframe.

Source: X

The analyst also provided a higher price case. According to him, Bitcoin might increase to the top of its long-term channel. The analyst’s predictions point to a potential range of $145,000 to $175,000, with $200,000 being a farther point.

Egrag also provided a probability assessment of these two possibilities. There is a 60% to 65% probability of BTC rising to a higher level first. The analyst also gave a 35% to 40% probability of a retest at $62,000 before rising to a higher level.

Source: X

Also Read: Bitcoin (BTC) Faces Brutal Reality in 2026: Warnings From Giustra

On-Chain Data Highlights Critical Supply Range

Moreover, another analyst, Ted Pillows, mentioned that Bitcoin almost tested its lows in November. The current level at $80,000 is important in determining cryptocurrency’s next movement. The analyst stated that if Bitcoin fails to hold this level, it might move to a region that BTC visited in April 2025.

Source: X

On-chain data by Glassnode shows that Bitcoin has entered one of the most important supply ranges. This range is based on the UTXO Realized Price Distribution metric. This metric represents where BTC supply last moved.

Currently, two major clusters exist in the range. The first cluster, located at $84,569, represents 3.11% of the circulating supply. The second one is at $83,307, where 2.61% of the total supply is located.

Source: Glassnode

According to the analysts, these two clusters are important in determining the market’s movement. They point to a region where BTC supply last moved. They also point to a region where buyers might attempt to stop a downward movement in cryptocurrency.

Also Read: Ethereum (ETH) Faces Brutal 20% Crash Warning