Bitcoin’s price has been on a bit of a rollercoaster lately. After a week of losses, it’s trying to recover, but one analyst is warning of a much bigger drop.
A Technical Analyst’s Prediction
Technical analyst CasiTrades believes Bitcoin’s recent dip to around $112,500 is just the beginning of a larger correction. They see this as “Wave 1” of a larger pattern, with a potential bounce (“Wave 2”) back towards $119,900 to $121,900. However, if Bitcoin can’t break through that resistance, things could get worse.
The $88,000 Scenario
CasiTrades predicts that a failure to break through the $119,900-$121,900 range could trigger a much sharper decline (“Wave 3”), potentially sending Bitcoin all the way down to $88,000. The only thing that would change this bearish outlook is Bitcoin hitting a new all-time high above $124,500.
What About Other Cryptocurrencies?
While Bitcoin is struggling, some other cryptocurrencies (altcoins) are showing mixed results. Some traders are moving into altcoins like XRP, Ethereum, and Solana, hoping for bigger gains while Bitcoin is stuck. This is a common pattern; when Bitcoin stalls, traders often look for more volatile options.
The Big Question: What’s Next?
The next few days will be crucial. If Bitcoin breaks through the $120,000 – $122,000 resistance, it suggests renewed strength. However, a rejection at that level would likely confirm the analyst’s prediction of a deeper fall. For now, the market is a mix of hope for a rebound and fear of a further correction.
