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

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As a seasoned researcher with years of experience observing and analyzing the cryptocurrency market, I find myself cautiously optimistic about the recent surge of Bitcoin above $100,000. The psychological barrier it has broken through is indeed a significant milestone, but history has shown us that such thresholds can also serve as potential resistance points.

Just now, the cost of one Bitcoin surpassed the $100,000 mark for the very first time – a historic milestone! Although this is an impressive leap for Bitcoin’s value, it leaves many wondering about its future trajectory.

Based on the opinions of numerous financial experts, Bitcoin’s price trend is expected to remain bullish. But, a cryptocurrency analyst on TradingView has sounded an alarm, describing this price range as “risky.” According to their analysis, if Bitcoin reaches $100,000, it could trigger a significant drop in its value, potentially bringing the price down to around $72,000.

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

Following four unsuccessful attempts to surpass the $100,000 barrier, Bitcoin has successfully burst through the symbolic price level, now venturing into unexplored market territory. Despite a brief dip below $100,000 in the immediate aftermath, numerous investors remain hopeful, considering this drop as a temporary obstacle and anticipating that Bitcoin’s ascension beyond $100,000 is still a promising prospect.

Despite the overall optimism, a different view is presented through an examination of the TradingView platform, suggesting a more cautious and bearish forecast. The analyst points out that the $100,000 level functions as a “magnet”, attracting price activity over the recent weeks, creating a crucial area of both attraction and resistance. This perspective leads the analyst to predict a downturn in price action, potentially leading to a retest of $94,000. Following this, they anticipate the emergence of a market structure break (MSB), which could instigate a broader correction in Bitcoin’s price.

As a researcher, I found it intriguing when the analysis suggested that falling below the $94,000 price point might trigger a return to the $88,000 mark. In the event Bitcoin breaches the $88,000 support, the analyst anticipates a continued downward trend, potentially pushing the Bitcoin price towards an ideal target region slightly above $72,200.

Bullish Sentiment Outweighs Bearish Sentiment

Should the bearish forecast made by the analyst materialize, there’s a possibility that the crypto market might experience another bear phase, causing most cryptocurrencies to follow Bitcoin’s descending trend and wiping out recent price increases.

Nevertheless, it’s important to note that this is more of a projection than a reflection of the current trends in the cryptocurrency market. At present, the crypto market is experiencing a surge of optimism, as indicated by the Fear & Greed Index standing at an extremely high level of 81. Some experts are speculating that Bitcoin’s price might continue to rise, with some predicting potential peaks around $140,000.

Currently, as I’m typing this, the value of one Bitcoin is being exchanged at approximately $98,350. Notably, surpassing $100,000 triggered a dip to around $94,000 within the last 24 hours. However, instead of falling below $94,000, Bitcoin seems to have bounced back. Nevertheless, it’s important to note that even with this rebound, Bitcoin might not have fully navigated through its challenges yet.

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2024-12-07 02:10