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

The Bitcoin value not too long ago achieved a monumental milestone, crossing the $100,000 threshold for the primary time in its historical past. Whereas the breakthrough is a big achievement for the BTC value, it additionally raises the query of the place it goes from right here. 

The consensus amongst many analysts is of a continued bullish value motion for Bitcoin. Nevertheless, a crypto analyst on TradingView has issued a stark warning, labeling this value level as a “harmful zone.” In response to their technical outlook, reaching $100,000 may trigger a large correction within the Bitcoin value as much as the $72,000 value degree.

Why $100,000 Might Be A Turning Level For The Bitcoin Value

After 4 failed makes an attempt to breach the $100,000 mark, Bitcoin has lastly damaged via the psychological threshold and is now open to uncharted value territory. Though the Bitcoin value retraced under $100,000 within the hours after, many buyers stay optimistic, viewing this retracement as a short lived setback and believing that Bitcoin’s journey above $100,000 is way from over.

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The optimism, nonetheless, is met with a contrasting perspective from an evaluation of the TradingView platform, which provides a extra cautious and bearish outlook. The analyst highlights the $100,000 degree as a “magnet” that has persistently drawn value exercise over the previous few weeks, serving as a crucial zone of attraction and resistance. With this in thoughts, the analyst’s outlook is of bearish value motion, basically predicting a retest of $94,000. From right here, the analyst expects the incidence of a market construction break (MSB), which in flip would set off a broader correction for the BTC value. 

Curiously, the analyst predicted that breaking under the $94,000 value degree would result in a retest of $88,000. Ought to Bitcoin break under the $88,000 assist, the analyst foresees additional value declines that will drive the Bitcoin value towards a really perfect goal zone simply above $72,200.

Bullish Sentiment Outweighs Bearish Sentiment

If the bearish situation outlined by the analyst involves go, it may plunge the crypto market into one other bear market, with different cryptocurrencies mirroring Bitcoin’s downward trajectory and erasing latest value good points.

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Nevertheless, this stays a prediction reasonably than an evaluation of the present crypto market dynamics. Presently, the crypto market continues to take pleasure in bullish sentiment, as evidenced by the Concern & Greed Index, which is presently at an excessive greed degree of 81. Just a few analysts have advised that Bitcoin’s value should have room to climb, with some forecasting potential highs close to $140,000.

On the time of writing, the Bitcoin value is buying and selling at $98,350. Curiously, the latest break above $100,000 led to a retest of $94,000 previously 24 hours. Nevertheless, the Bitcoin value rebounded from $94,000 as an alternative of breaking under. Regardless of this rebound, the main cryptocurrency may not be out of the woods but.

Featured picture created with Dall.E, chart from Tradingview.com