Analyst Says Bitcoin Price At $100,000 Is A ‘Dangerous Zone’, Predicts Massive Crash

6 months ago

The Bitcoin terms precocious achieved a monumental milestone, crossing the $100,000 threshold for the archetypal clip successful its history. While the breakthrough is simply a important accomplishment for the BTC price, it besides raises the question of wherever it goes from here.

The statement among galore analysts is of a continued bullish terms enactment for Bitcoin. However, a crypto expert connected TradingView has issued a stark warning, labeling this terms constituent arsenic a “dangerous zone.” According to their method outlook, reaching $100,000 could origin a monolithic correction successful the Bitcoin terms up to the $72,000 terms level.

Why $100,000 May Be A Turning Point For The Bitcoin Price

After 4 failed attempts to breach the $100,000 mark, Bitcoin has yet breached done the intelligence threshold and is now unfastened to uncharted terms territory. Although the Bitcoin terms retraced beneath $100,000 successful the hours after, many investors stay optimistic, viewing this retracement arsenic a impermanent setback and believing that Bitcoin’s travel supra $100,000 is acold from over.

The optimism, however, is met with a contrasting position from an analysis of the TradingView platform, which offers a much cautious and bearish outlook. The expert highlights the $100,000 level arsenic a “magnet” that has consistently drawn terms enactment implicit the past fewer weeks, serving arsenic a captious portion of attraction and resistance. With this successful mind, the analyst’s outlook is of bearish terms action, fundamentally predicting a retest of $94,000. From here, the expert expects the occurrence of a marketplace operation interruption (MSB), which successful crook would trigger a broader correction for the BTC price.

Interestingly, the expert predicted that breaking beneath the $94,000 terms level would pb to a retest of $88,000. Should Bitcoin interruption beneath the $88,000 support, the expert foresees further terms declines that would thrust the Bitcoin terms toward an perfect people portion conscionable supra $72,200.

Bullish Sentiment Outweighs Bearish Sentiment

If the bearish script outlined by the expert comes to pass, it could plunge the crypto marketplace into different carnivore market, with different cryptocurrencies mirroring Bitcoin’s downward trajectory and erasing caller terms gains.

However, this remains a prediction alternatively than an assessment of the existent crypto marketplace dynamics. Presently, the crypto marketplace continues to bask successful bullish sentiment, arsenic evidenced by the Fear & Greed Index, which is presently astatine an utmost greed level of 81. A fewer analysts person suggested that Bitcoin’s terms whitethorn inactive person country to climb, with immoderate forecasting potential highs adjacent $140,000.

At the clip of writing, the Bitcoin terms is trading astatine $98,350. Interestingly, the caller interruption supra $100,000 led to a retest of $94,000 successful the past 24 hours. However, the Bitcoin terms rebounded from $94,000 alternatively of breaking below. Despite this rebound, the starring cryptocurrency mightiness not beryllium retired of the woods yet.