Bitcoin’s been on a wild ride lately, hitting record highs, but now things are cooling off. One analyst, MelikaTrader94, predicts a price drop. Let’s break it down.
The Dip: A Crash Below $100,000?
After a massive bull run pushing Bitcoin (BTC) near $112,000, MelikaTrader94 sees a potential crash coming. They believe the price could plummet below $100,000. Sounds scary, right? But hear them out.
Their analysis, based on a 4-hour chart, shows Bitcoin repeatedly hitting resistance at a descending trendline. This suggests bearish pressure is building. With Bitcoin currently struggling to break through this resistance, another rejection could send the price tumbling towards $99,000 – a key support level.
This drop, according to the analyst, is a normal market correction after a prolonged bullish period. It’s a chance for weaker investors to sell, creating opportunities for others to buy low. While it looks bearish, it’s seen as a necessary step before the next big move.
The Rally: Beyond $114,000?
The good news? MelikaTrader94 believes this dip to $99,000 is crucial. If buyers step in to support the price at that level, it could trigger a powerful rally.
A successful bounce from $99,000 could break through the descending trendline, invalidating the short-term bearish outlook. This could lead to a new all-time high, potentially exceeding $114,000.
The current price consolidation around $104,500, followed by a possible dip to $99,000, fits this prediction. The analyst suggests this is the market preparing for a major move. Keep an eye out for a strong bounce – this could be a healthy correction before a significant price surge.
