Bitcoin has just broken an all-time high of $111,900. Hold on there! Some analysts are throwing up red flags, cautioning about a potential price crashbeneaththe $100,000 level. What is feeding the bearish view? They are citing an ill-conceived mix of fundamental weaknesses and ominous signals flashing on technical charts, indicating that the bull run may soon run out of steam.
Analysts Highlight Why Bitcoin Price Could Still Crash Below $100,000
Stephan, a crypto analyst on TradingView, points to escalating geopolitical tensions, particularly the intensifying Russia-Ukraine conflict, as a potential catalyst for a Bitcoin price crash. He argues the conflict could trigger a flight to traditional safe havens like gold, while also noting recent modest outflows from Bitcoin ETFs.
Stephan’s chart details a chilling scenario: Bitcoin wobbling on a knife’s edge and possibly going down to $96,765 as it prepares for a harsh retest of the $100,000 resistance. In concordance with this statement, crypto analyst Nova also issued a note of caution to investors for the drop to the same psychological mark, backing his warning with an exhaustive dissection of Bitcoin’s precarious technicals.
Bitcoin’s Bull Run on Thin Ice? Analyst Nova Eyes $100K Retest.
According to TradingView analyst Nova, the storm may really be brewing for Bitcoin bulls. Nova, who made another recent post, places a warning on any price action of Bitcoin that fails to breach the $106,406 resistance, suggesting that any failure or bounce there could result in a deeper correction and send prices down to the $100,000 psychological mark. Her analysis depends on the Daily Relative Strength Index (RSI), which is at 53 now but shedding strength towards that neutral 50 level, implying a stark weakening in bullish momentum. Is it a simple pause or the start of something bigger? Keep your eyes glued on this one.
She noticed another bearish MACD crossover with even lower peaks and lows late last week, continuing the correction. Her charts also told her to be watchful, showing increasing red bars of histogram going above the baseline. She warned that these were facts to keep in mind. For Bitcoin, it could vacillate near $100,000 and might plunge hard towards $99,000 on a retest of this region.
Bitcoin bulls, hold it there! Crypto analyst Kevin Capital seems to be applying the brakes on the current price appreciation. According to Capital, one should not rush to pop open the champagne. He cautions that some fundamental changes still need to take place to warrant fully fledged optimism. Underscoring this danger zone for Bitcoin, Capital warned earlier that trouble is likely ahead if the $106,800 mark is not taken back quickly.
BTC Could Still Rally To $135,000 This Year
Forget about being a bystander. Titan of Crypto just dropped a bombshell on X: Bitcoin to $135,000 this year? So, fasten your seat belts. BTC has just pierced through a right-angled descending broadening wedge, a formation unprecedentedly sharper than a bullish horn. Stay above the breakout zone, and Titan sets another clean straight-to-six-figure trip. Could this be the launchpad Bitcoin has been waiting for?
Bitcoin’s next peak? Mikybull Crypto, an analyst, sees a bull run turning into a record high, at $120,000 as a final destination in this cycle. Adding fuel to the fire, trading legend Peter Brandt foresees it climbing to $150,000 by the summer of 2025. Is Bitcoin ready for an explosive rally?
Bitcoin’s price currently hovers around $105,400, a slight dip from yesterday, as reported by CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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