Bitcoin recently crossed the $100,000 mark for the very first time. The breakthrough for BTC is significant, but it raises a question. of where it goes from here.
Analysts are predicting a bullish trend for Bitcoin. A crypto analyst from TradingView issued a warning that this price level is a “dangerous zone.” Accordant to their technical view, Bitcoin’s price could be impacted by a large correction if it reaches $100,000. The price may then drop to as low as $72,000.
Bitcoin’s Price Could Turn Around at $100,000
Bitcoin finally broke through psychological barrier after four unsuccessful attempts at breaching the $100,000 mark. now open to uncharted price territory. Bitcoin’s price fell below $100,000 after the event. many investors remain optimistic, Bitcoin is still on its way to $100,000, despite this temporary setback.
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Despite the optimism, a different perspective is presented. from an analysis TradingView, with its more conservative and bearish outlook. The analyst highlights $100,000 as an important level. “magnet” This zone has been a key area of resistance and attraction for the price over the last few weeks. The analyst believes that the price will continue to fall, and predicts an upcoming retest at $94,000. The analyst predicts that a break in the market structure (MSB) will occur, which would then trigger a wider correction of the BTC rate.
The analyst’s prediction was surprisingly accurate that breaking below the $94,000 Price level could lead to another test of $88,000. If Bitcoin breaks below $88,000, then the analyst predicts further price drops that will drive Bitcoin’s price to an ideal price zone above $72,200.
Bullish Sentiment outweighs the Bearish Sentiment
It is possible that the scenario described by the analyst will come to pass. This could cause the cryptocurrency market to enter a bear market again, as other currencies would mirror Bitcoin’s downtrend and wipe out recent price gains.
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This is a forecast rather than a fact. assessment of the current crypto market dynamics. Presently, the crypto market continues to bask in bullish sentiment, as evidenced by the Fear & Greed Index, which is currently at an extreme greed level of 81. Some analysts believe that Bitcoin may have more room for growth, and some have forecasted a price of $16,000 by 2021. potential highs near $140,000.
Bitcoin is currently trading for $98,350 at the time this article was written. In an interesting twist, the recent breach above $100,000 led to the retesting of $94,000 within the last 24 hours. The Bitcoin price did not break below $94,000, but instead rebounded. The leading cryptocurrency may not yet be safe despite this recovery.
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com
