Bitcoin took a bit of a tumble recently, dropping from around $106,000 to $102,000. This caused some investors to sell off their holdings. But what does the future hold? Let’s look at what some analysts are saying.
Analyst Predictions: A Potential Drop to $92,800?
Crypto analyst Colin believes Bitcoin could fall further, potentially reaching $92,800. He points out that Bitcoin has broken out of a bullish pennant formation twice, suggesting more downside. While the ideal target for this pennant was $150,000, the recent price action paints a different picture.
Colin sees key support levels at $100,800, $97,600, and $92,800. He thinks Bitcoin would likely bounce back from these levels if it reaches them. He also notes that this price movement could be part of a larger inverse Head-and-Shoulders pattern, potentially forming a complete right shoulder. Interestingly, this analysis comes after Colin observed that Bitcoin’s price has deviated from the global M2 money supply, but he doesn’t see this as a major red flag for the long-term bullish trend. He still believes a significant rally is possible, potentially reaching that $150,000 target. Market expert Raoul Pal echoed this sentiment, stating that the correlation with the money supply shouldn’t be a cause for concern.
Bulls Need to Act Now, Says Another Analyst
Another analyst, Titan of Crypto, believes Bitcoin is facing a crucial test. The recent rejection at the $106,000 Fair Value Gap is a significant hurdle. If Bitcoin fails to hold the lower boundary of the symmetrical triangle (around $104,000), it could fall to the previous weekly low near $102,679, and potentially even lower to the $100,300 liquidity pocket.
At the time of writing, Bitcoin is trading around $103,500, showing a slight dip in the last 24 hours. Whether the bulls can step in and prevent further losses remains to be seen.
