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The price of Bitcoin recently achieved a milestone, crossing the $100,000 mark for the first time in its history. While the achievement is an important achievement for the price of BTC, it also raises a question this is where it comes from.
The consensus among many analysts is for Bitcoin’s continued price action. However, a crypto analyst at TradingView issued a strong warning, labeling this price point as “dangerous territory.” According to their technical opinion, reaching $ 100,000 can cause a major correction in the price of Bitcoin up to $ 72,000 price level.
Why $100,000 Could Be a Bitcoin Price Change Opportunity
After four failed attempts to break the $100,000 mark, Bitcoin has finally broken the psychological barrier again now open at an unspecified price point. Although the price of Bitcoin returned below $100,000 in the hours after that, many investors remain optimistic, view this reversal as a temporary reversal and believe that Bitcoin’s journey above $100,000 is far from over.
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However, hope is met with the opposite view from analysis of the TradingView platform, which offers a cautious and bearish view. The analyst highlights the $100,000 level as a “magnet” that has been pulling price action over the past few weeks, serving as an important point of attraction and resistance. With this in mind, the analyst’s view is for bearish price action, actually predicting a retest of $94,000. From here, the analyst expects the occurrence of a break of the market structure (MSB), which will cause a wide correction in the price of BTC.
Interestingly, the analyst predicted that breaks under $94,000 the price level will result in a reassessment of $88,000. In the event that Bitcoin falls below the $88,000 support, the analyst foresees a price drop that propels the price of Bitcoin to an ideal target area just above $72,200.
Bullish Sentiment Outpaces Bearish Sentiment
If the bearish scenario mentioned by the analyst comes true, it could throw the crypto market into another bear market, with other cryptocurrencies symbolizing the decline of Bitcoin and erasing recent price gains.
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However, this remains a prediction rather than an i an assessment of current crypto market dynamics. Currently, the crypto market continues to experience a bullish feeling, as evidenced by the Fear & Greed Index, which is currently at an extremely greedy level of 81. Several analysts have suggested that the price of Bitcoin still has room to rise, with some predictions. maximum prices are about $140,000.
At the time of writing, the price of Bitcoin is trading at $98,350. Interestingly, the recent break above $100,000 led to a retest of $94,000 in the last 24 hours. However, Bitcoin price rebounded to $94,000 instead of breaking below. Despite this rebound, the leading cryptocurrency may not be out of the woods just yet.
The featured image was created with Dall.E, a chart from Tradingview.com
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