Bitcoin Price Prediction: BTC Slips Below $90k As Metaplanet Flags ‘Crucial’ Proposal

The Bitcoin price edged down a fraction of a percent in the past 24 hours to trade at $89,634 as of 2:44 a.m. EST on trading volume that dropped 31% to $35.3 billion.

BTC dropped below $90,000 even as Japan-based Bitcoin treasury company Metaplanet took to X to reach out to wider stockholders about the Dec. 22 online extraordinary general meeting (EGM).

The shareholder meeting will include a ”crucial” proposal regarding the future issuance of preferred shares, which is essential to the company’s mid- to long-term strategy, the company said.

Key agenda items will focus on the company’s strategic and governance matters, including Metaplanet’s BTC accumulation strategy.

The firm now holds 30,823 BTC, bought at an average cost of $108,036 per token.

Metaplanet CEO Simon Gerovich has called on shareholders to actively exercise their voting rights as the EGM brings forward essential proposals.

Meanwhile, Michael Saylor has hinted that Strategy will buy more Bitcoin, posting “Back to More Orange Dots” on X.

BTC fell to a two-week low of around $87,500 on Sunday, with this quick wick down becoming a common trait over the last few weeks. Can the Bitcoin price recover?

Bitcoin Price Poised For A Breakout Despite The Sustained Drop

According to the BTC/USD analysis on the daily TradingView chart, the BTC price, after hitting the $126,230 all-time high (ATH) in October, has been in a sustained downtrend within a falling wedge pattern.

The downtrend was further fueled by supply areas around $115,000 and $107,000, and a death cross formed after the 200-day Simple Moving Average (SMA) ($108,488) crossed above the 50-day SMA ($96,031).

However, the bulls seem to be defending the $85,600 demand zone, which has allowed Bitcoin to trade in a sideways pattern above it, but capped by the $94,100 resistance area.

With BTC now trading at the apex of the wedge, a breakout is on the rise.

Meanwhile, the Relative Strength Index (RSI) appears to be recovering, climbing towards the 50-midline level, currently at 44, suggesting that buyers may be regaining some control over the last 24 hours.

Moreover, the Moving Average Convergence Divergence (MACD) supports the bullish sentiment, with the blue MACD line now consistently above the orange signal line, forming a bullish crossover.  

BTC Price Prediction

Based on the BTC/USD chart analysis, the BTC price is poised to break out from the falling wedge pattern, with the RSI and MACD indicators supporting the positive momentum.

If the momentum picks up and bulls continue exerting pressure above the demand area, the Bitcoin price could surge further, first targeting the 50-day SMA, then aiming for the first resistance level at $107,500.

Conversely, if the bears take charge of the price and push it below the demand area, the next possible support is at the $80,000 level, with further support at the $75,000 level, last touched in April 2025.

According to Ali Martinez, a popular crypto analyst on X with over 164K followers, the SuperTrend indicator has turned bearish. The last time this happened, the price of BTC fell 60%.

Traders are also bracing for the Bank of Japan (BoJ) to hike interest rates this week, which is driving renewed concerns about the potential impact on risk assets such as Bitcoin. 

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