Bitcoin’s been on a rollercoaster lately. After reaching record highs, it’s taken a serious dive, dropping over 10% and falling below $110,000. While some are hoping for a rebound, one analyst, MMBTtrader, thinks the worst is yet to come.
A Deep Dive into the Bear Market
MMBTtrader points out that Bitcoin’s already facing major pressure, having been rejected from the $120,000 level and now struggling to hold onto support around $108,000. They believe this is just the beginning of a much larger drop.
The analyst’s prediction is based on a technical analysis, highlighting a trendline from 2024 (shown as a green line in their chart). A retest of this trendline suggests Bitcoin could plummet to $93,000. Even if it finds support there, the analyst doesn’t see a quick recovery. Instead, they predict a further fall, potentially all the way down to $70,000.
A Glimmer of Hope for Bulls?
There’s a small chance of a bullish turnaround. If buyers can manage to push the price back above the $117,000 trendline, a significant price jump is possible—potentially a 30% increase, taking Bitcoin above $137,000. However, MMBTtrader emphasizes that a downward breakout is far more likely. They expect a continued sell-off after any temporary bounce.
In short, the analyst’s outlook is overwhelmingly bearish, with a significant price drop predicted. While a bullish reversal is possible, the odds seem stacked against it.
