Analyst Says Bitcoin Price At $100,000 Is A ‘Dangerous Zone’, Predicts Massive Crash
Bitcoin price recently reached a milestone, crossing the $100,000 mark for the first time in history. While this breakthrough is a major achievement for Bitcoin price, it also raises a question where to from here.
Many analysts agree that Bitcoin’s price action will continue to be bullish. However, one cryptocurrency analyst on TradingView issued a stern warning, labeling this price point a “danger zone.” Based on their technical outlook, reaching $100,000 could lead to a sharp Bitcoin price correction towards the $72,000 price level.
Why $100,000 could be a turning point for Bitcoin price
After four failed attempts to break through the $100,000 mark, Bitcoin finally broke through the psychological threshold, Now open to uncharted price territory. Although Bitcoin price fell back below $100,000 within hours, Many investors remain optimistic Consider this pullback a temporary setback and believe that Bitcoin’s journey above $100,000 is far from over.
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However, this optimism was met with the opposite view from analysis The outlook for the TradingView platform is more cautious and pessimistic. The analyst highlighted that the $100,000 level acted as a “magnet” that has been attracting price activity over the past few weeks, serving as a key area of attraction and resistance. With this in mind, analysts’ outlook is bearish for price action, essentially predicting a retest of $94,000. From here, analysts expect a market structural break (MSB) to occur, which in turn will trigger a broader correction in Bitcoin price.
Interestingly, analysts predict Dropped below $94,000 The price level will lead to a retest of $88,000. If Bitcoin falls below the $88,000 support, analysts expect the price to fall further, which would push the price to the ideal target area just above $72,200.
Bullish sentiment outweighs bearish sentiment
If the bearish scenario outlined by analysts materializes, the cryptocurrency market could slip into another bear market, with other cryptocurrencies mirroring Bitcoin’s downward trajectory and erasing recent price gains.
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However, this is still a prediction and not a An assessment of current cryptocurrency market dynamics. Currently, the cryptocurrency market continues to bask in bullish sentiment, as evidenced by the Fear & Greed Index, which currently stands at an extreme greed level of 81. Some analysts say Bitcoin’s price may still have room to rise, with some predicting Potential highs are near $140,000.
As of this writing, Bitcoin price is $98,350. Interestingly, the recent break above $100,000 resulted in a retest of $94,000 in the past 24 hours. However, Bitcoin price rebounded from $94,000 instead of falling below. Despite the rally, the leading cryptocurrency may not be out of the woods just yet.
Featured image created using Dall.E, chart from Tradingview.com
