The price of Bitcoin recently achieved an important milestone, crossing the $100,000 threshold for the first time in its history. While the breakthrough is a significant achievement for the BTC price, it also raises questions Where does it go from here?.
The consensus among many analysts is a continued bullish price action for Bitcoin. However, a crypto analyst at TradingView has issued a stern warning, labeling this price point as a “danger zone”. According to their technical view, reaching $100,000 could lead to a massive correction in Bitcoin’s price to the $72,000 price level.
Why $100,000 Could Be a Turning Point for Bitcoin Price
After four failed attempts to cross the $100,000 mark, Bitcoin has finally broken the psychological threshold and Now the unwanted value is open to the field. Although the price of Bitcoin bounced back below $100,000 after a few hours, Many investors remain optimistic, Viewing this retracement as a temporary blip and believing that Bitcoin’s journey above $100,000 is far from over.
Related reading
Optimism, however, is met with a contrasting view From an analysis of the TradingView platform, which offers a more cautious and bearish outlook. The analyst highlights the $100,000 level as a “magnet” that has drawn consistent price action over the past few weeks, serving as a critical area of attraction and resistance. With this in mind, the analyst’s view is bearish price action, which essentially predicts a retest of $94,000. From here, the analyst expects the occurrence of a market structure break (MSB), which in turn will trigger a broad correction for the BTC price.
Interestingly, the analyst predicted That is breaking below $94,000 The price level will lead to a retest of $88,000. Should Bitcoin break below the $88,000 support, the analyst predicts further price declines that would take the Bitcoin price to an ideal target area just above $72,200.
Bullish sentiment trumps bearish sentiment
If the bearish view projected by analysts is fulfilled, it could plunge the crypto market into another bear market, with other cryptocurrencies mirroring Bitcoin’s downside and erasing recent price gains.
Related reading
However, it remains a prediction rather than a one An assessment of current crypto market dynamics. Currently, the crypto market continues to get mixed up in bullish sentiment, as evidenced by the fear and greed index, which is currently at an extremely greedy level of 81. Some analysts have suggested that the price of Bitcoin still has room to climb, with some predictions. Potential high near $140,000.
At the time of writing, the price of Bitcoin is trading at $98,350. Interestingly, the recent break above $100,000 retested $94,000 in the last 24 hours. However, instead of breaking down, Bitcoin price rebounded from $94,000. Despite this rebound, the leading cryptocurrency may not be out of the woods just yet.
Featured image created with Dall.E, chart from Tradingview.com
