Bitcoin’s struggle to reclaim the $100,000 resistance level has raised concerns among experts who warn of a potential massive crash. After hitting a record high of over $108,000, Bitcoin has faced sustained sell-offs, placing it at risk of dropping below $90,000. According to cryptocurrency analyst MFHoz, the rejection at the six-figure mark signals the start of a significant correction, with a projected freefall to the $18,000 to $20,000 region.
The expert noted that Bitcoin briefly surpassed its ascending triangle formation, typically a bullish pattern that led to an all-time high before sharply reversing. This rejection indicates a possible breakdown towards lower price zones, with a projected descent to the $18,000 to $20,000 range. Despite key support levels around $60,000, the overall trajectory suggests a potential drop beyond that, echoing Bitcoin’s steep corrections in past cycles.
Legendary trading expert Peter Brandt also shared a bearish outlook, suggesting that Bitcoin may be following the ‘Hump Slump Bump Dump Pump’ pattern. This formation reflects Bitcoin’s cyclical boom-and-bust tendencies, with the current price action aligning with this model. With Bitcoin hovering around $95,000, a critical support level of $88,605 could determine its next move as it teeters at the ‘Dump’ phase.
While the current technical sentiment appears bearish, the long-term outlook for Bitcoin remains optimistic, supported by various fundamentals. Analysts anticipate Bitcoin to potentially surge higher amidst favorable cryptocurrency regulations under Donald Trump’s possible second presidency. Thescalpingpro predicts Bitcoin could replicate its early 2024 rally in Q1 2025, with a breakout expected between $135,000 and $150,000. Despite recent capital outflows and negative sentiment, some analysts view the current correction as healthy for the market.
In terms of price analysis, Bitcoin was trading at $94,920 at the time of writing, showing minimal gains in the last 24 hours. The digital asset is down over 2% for the week, with its ability to reach the $100,000 level contingent on reclaiming resistance zones like $95,000 and $97,000. On the downside, breaching the $92,000 support level could trigger a crash to $60,000, according to analysts. Despite external factors like Russia using Bitcoin for trade amid economic sanctions, the asset has failed to respond positively, highlighting the ongoing market correction.
Overall, Bitcoin’s current challenges in reclaiming the $100,000 resistance level have raised concerns among experts regarding a potential significant correction. As the asset faces sustained sell-offs and struggles to stay above $90,000, analysts warn of a possible descent to the $18,000 to $20,000 region. While key support levels exist around $60,000, Bitcoin’s inability to break the $100,000 barrier has sparked projections of a sustained price downturn, with experts cautioning investors about a looming crash.
Legendary traders and analysts like Peter Brandt have also shared a bearish outlook, suggesting that Bitcoin may be following a cyclical pattern that could lead to further price declines. Despite the negative sentiment, the long-term outlook for Bitcoin remains positive, with analysts predicting potential surges in price driven by favorable regulatory developments under a possible second Trump presidency. The current market correction is seen as a healthy consolidation period, setting the stage for future gains in Q1 2025 with a breakout anticipated between $135,000 and $150,000.
