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The King crypto has recently retraced to $94,220 which has triggered new market concerns due to profit-taking and possible effects of the quantum computing. As BTC settles hovering at around $97,476, there is much discussion about whether it is likely to bounce back above $100K before the end of the year or meet more barriers to this value in the rest of December.
Several analysts highlighted that huge amounts were sold due to profit taking, which was the main reason for Bitcoins’ drop. QCP Capital, a cryptocurrency trading firm, noted that major options players locked in profits at the $100K milestone. These traders moved their profits to March 2025 call options, looking at even a higher price of $130,000 to $150,000 for the asset.
This move reflects caution in the short term, as market sentiment remains weak. QCP Capital predicts that Bitcoin is likely to remain range bound through December, with no significant price breakouts expected during the holiday season.
The recent discovery by Google of the Willow quantum computing chip presents new threats to the relative security of the Bitcoin currency. Recent developments by Willow pave the way for quantum computers to break into Bitcoin’s cryptography that is protecting wallets and transactions today.
Bitcoin’s security relies on two primary algorithms:
Elliptic Curve Digital Signature Algorithm (ECDSA): Created to secure the signing of the transactions.
SHA-256: Provides secure hashing.
To compromise Bitcoin, quantum computers require millions of error corrected qubits to apply Shor’s algorithm. Google’s Willow with only 105 qubits is not near this ability. Experts estimate it would take at least 13 million qubits to breach Bitcoin encryption in a single day.
Still, with the use of such assurances, the crypto community is aware of the necessity of employing quantum-resistant solutions. Future upgrades to Bitcoin’s network, potentially via soft forks, could include quantum-safe cryptographic protocols to preempt such threats.
In the case of Bitcoin, market imbalances contributed towards its recent decline. BTC trader Cryp Nuevo predicted that Bitcoin would retest the $94K level to clear the price disparity that resulted from the December 5 flash crash. Now that the imbalance has been addressed, Bitcoin may now have room to move higher.
Next possible resistance lies at between $98K and $104K, where there is buy side liquidity. If BTC can break through this range, it could attract buy momentum and push the price higher.
Support levels remain critical, with $94K acting as a short-term support. A rebounce from this support level to push price above $100K could depend on broader market sentiment and reduced selling pressure. If the 94K support is breached at some point, a stronger one lies at $91K and price may rebound from this level.
While quantum computing poses a long-term threat, experts estimate that it will take 10–20 years of significant advancements to develop a quantum computer capable of breaching Bitcoin’s security. In the meantime, the cryptocurrency community is actively working on quantum-safe cryptographic protocols.
If quantum computing progresses rapidly, Bitcoin’s network could adopt upgraded algorithms to maintain security. Until then, fears surrounding quantum breakthroughs like Google’s Willow are unlikely to impact Bitcoin materially.
Bitcoin’s recent dip below $94K highlights the complex interplay of market dynamics, from profit-taking to speculative fears about quantum computing. As BTC consolidates near $97K, its future trajectory will depend on the resolution of technical imbalances, macroeconomic factors, and evolving security measures.
