Bitcoin’s price is taking a beating lately. One analyst is sounding the alarm, predicting further drops.
Bearish Signals and Broken Support
The analyst points to Bitcoin’s rejection at the $121,000 resistance level as a major turning point. This rejection broke Bitcoin’s upward trend, shifting the market sentiment to bearish. The price then fell below a crucial support level, indicating sellers are firmly in control.
The $109,700 Hurdle
Now, Bitcoin is battling to stay above $109,700, a key support area. If this level breaks, the analyst predicts a swift drop to $104,000. While a brief sideways movement or retest is possible, the overall trend is firmly downward.
The Big Question: Can $100,000 Hold?
A fall below $109,700 would likely lead to a push towards $104,000. But the real concern is whether Bitcoin can hold above the crucial $100,000 mark. Breaking that level would signal a major shift in the overall market trend, causing significant worry among investors. Everyone’s watching closely.
