Bitcoin recently bounced back, exceeding $108,000, exciting investors. But not everyone’s celebrating. One analyst predicts a significant price drop is coming.
Why the Crash? Resistance is Futile (For Now)
The analyst points to strong resistance as Bitcoin approaches new all-time highs. They expect a pushback around $109,500, well short of the $112,000 needed to set a new record. This resistance presents a prime opportunity for traders to jump in. The price could potentially plummet to the low $100,000s, but strong support sits around $102,500 – a potential recovery point for Bitcoin bulls.
Another Analyst Agrees: Liquidity and Corrections
Another analyst, Riscora, agrees, citing building resistance and liquidity at lower price levels. After Bitcoin hit $108,000, liquidity at higher prices has been absorbed, making a correction likely. This correction, they predict, will be deeper than previous ones, targeting a drop back to $107,000 and potentially even $106,400.
Bullish Outlook Remains
Despite the predicted dip, both analysts maintain a generally bullish outlook for Bitcoin. July is typically a good month for Bitcoin, and with less than a 5% increase needed to surpass the previous all-time high of $111,900, a new record is still within reach.
