Dogecoin Founder Mocks Bitcoin Drop as BTC Breaks $87.2K; Analysts Flag Risk to $76K
Dogecoin co‑founder Billy Markus (Shibetoshi Nakamoto) posted a sarcastic holiday meme as Bitcoin slipped below the key $87,200 support, trading around $87,400 after an intraday range from about $89,983 to $85,304. The break coincided with large ETF outflows and accelerated selling pressure. Some traders had expected a push toward $100,000, but analysts including Ali Martinez flagged a bearish scenario that could take BTC toward roughly $76,000. BTC has been range‑bound near $85,000–$95,000 over the past month. Market reaction blended humor and resignation across social channels. Institutional accumulation continues in the background — one firm added 10,645 BTC on Dec. 15, bringing reported holdings higher — which may provide structural support over the long term. For traders: expect elevated volatility, monitor ETF flows and macro/central bank developments for near‑term direction, watch $87,200 as a short‑term pivot (break risks more downside toward $76K scenario), and consider that ongoing institutional buying could underpin longer‑term bids.
Bearish
The immediate market signal is bearish. BTC broke a key short‑term support at $87,200 amid sizable ETF outflows, which accelerated selling and pushed the intraday low toward the mid‑$85K area. Analysts’ downside scenario to ~$76K increases the probability of further short‑term weakness if selling pressure continues or macro data/central bank moves turn unfavorable. Elevated volatility and trader positioning around year‑end heighten risk for abrupt moves. Offsetting factors include reported institutional accumulation (a firm adding 10,645 BTC), which can provide structural, longer‑term support and limit how deep a decline goes. For traders: short‑term strategies should assume higher downside risk (watch for continuation below $87.2K and targets near $76K), use tighter risk management, and monitor ETF flows and on‑chain/institutional buying for signs of support that could shift bias back toward neutral or bullish over the medium term.