Bitcoin recently hit a massive milestone: $100,000! While many are super bullish, one analyst is sounding the alarm.
A “Dangerous Zone”?
A TradingView analyst calls $100,000 a “dangerous zone,” predicting a big price drop. Their technical analysis suggests Bitcoin could plummet to around $72,000.
Why $100,000 is a Big Deal
Bitcoin tried four times to break the $100,000 barrier before finally succeeding. While some investors are still optimistic, this analyst sees things differently. They point out that $100,000 acted like a magnet, attracting price action and then resisting further upward movement.
The Analyst’s Prediction
The analyst believes a drop below $94,000 is likely, leading to a retest of $88,000. If Bitcoin breaks below $88,000, they predict a further fall to around $72,200. This could trigger a wider market downturn, affecting other cryptocurrencies too.
But Wait, There’s More…
Despite this bearish outlook, the overall market sentiment is still very bullish. The Fear & Greed Index is at 81 (extreme greed!), and some analysts are even predicting Bitcoin could hit $140,000.
The Current Situation
At the time of writing, Bitcoin is trading around $98,350. It did briefly dip below $94,000 after hitting $100,000, but then bounced back. However, the risk of a significant drop remains.
