Bitcoin's price experienced a significant sell-off on January 8, forming a bearish engulfing pattern on the daily chart. Following this, analysts speculate about the potential for further price corrections below $90,000 after a rapid fall from $102,760 to $92,500. This decline was attributed to stronger than anticipated job creation data, reflecting a robust US economy, which caused weakness in both stock and crypto markets. Despite the bearish sentiment, analysts like Miles Deutcher noted that increased stablecoin supply indicates more liquidity in the market, potentially driving Bitcoin's price higher in the coming months. However, historical data shows that significant dips lead to recoveries only 20% of the time. Some traders predict Bitcoin could range between $90,000 and $92,000 in January before any upward momentum. A daily close below $90,000 could signal a deeper crash, potentially targeting a price of $71,500 if a bearish pattern materializes. Therefore, while current market dynamics show a level of liquidity, caution remains about Bitcoin's immediate price movements.

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