What To Expect After The Bitcoin Price Crash Below $100,000
Cryptocurrency markets face new volatility and uncertainty following recent events Bitcoin price plummets Below the $100,000 mark. As a result, cryptocurrency analysts shared A rather long X (formerly Twitter) post outlines what will happen after this significant drop. He warned of key levels to watch out for Selling pressure intensifiespointing out that both macro and technical indicators paint a complicated picture of Bitcoin’s short-term price trajectory.
Key levels to watch after Bitcoin price plunges
Ali Martinez, a prominent cryptocurrency analyst, said that Bitcoin price fell below $100,000 again after surpassing this milestone earlier this week. Martinez disclose The day before, Bitcoin broke above the right shoulder head and shoulders patternrendering the bearish setup at the time completely invalid. However, in just 24 hours, the cryptocurrency erased these significant gains, pushing its price back below the right shoulder of the technical pattern, Rekindling bearish sentiment.
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with its huge Dropped below $100,000Bitcoin has now fallen sharply below the key demand area between $95,000 and $98,000, which is around $1.77 million wallet address More than 1.53 million BTC have been purchased, which is worth more than $141.3 billion based on current market prices.
While many investors typically buy and hold BTC to make a profit, the recent Bitcoin price collapse has sparked concerns that the owners of 1.77 million wallet addresses may be forced to sell their shares to reduce potential losses. Martinez warned that rising selling pressure could push Bitcoin prices below $92,000, potentially triggering a sharper and faster decline with limited support before hitting the $74,000 mark. Notably, analysts have labeled a drop below $92,000 as “free fall territory,” meaning Bitcoin could continue to crash Panic selling intensifies Liquidity dried up.
In addition to ongoing uncertainty, Bitcoin’s reversal below the right shoulder of the head-and-shoulders pattern, combined with current bearish market conditions, has reignited concerns and left many investors prepared A deeper price collapse.
Is a rebound imminent or is there more pain ahead?
Despite the current bearish outlook for Bitcoin, Martinez assured members of the cryptocurrency community that a price rebound is possible. The analyst revealed that Bitcoin’s TD timing indicator recently flashed a buy signal on the 4-hour chart, indicating that Bitcoin Potential price recovery and rebound May be in progress.
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interestingly, Binance Trader Still bullish on Bitcoin, this optimism points to a short-term rebound to $98,600, a price level that has a $35 million liquidation zone coveted by market makers. Martinez emphasized that continued breakthroughs above $100,000 mark Crucial to invalidating Bitcoin’s current bearish outlook and laying the groundwork for Bitcoin all time high.
However, if Bitcoin fails to regain this psychological level and falls below $92,000, it could fall further, potentially pulling back to new lows between $78,000 and $74,000. At the time of writing, Bitcoin price is trading at $94,154, which means that a break below these range lows would mark a significant decline of 17.16% to 21.41%.
Featured image created using Dall.E, chart from Tradingview.com
