Bitcoin Sell-Off Intensifies: What Happens If BTC Hits $92,800?
Bitcoin Price Faces Potential Drop Amid Market Uncertainty
Recent Price Movements and Forecasts
On June 20, Bitcoin’s value suffered a significant decline, plummeting from a peak of $106,000 to about $102,000, prompting a wave of sell-offs among investors. Crypto analyst Colin has signaled that the leading cryptocurrency could potentially fall to around $92,800, elaborating on the implications of such a drop.
Colin highlighted in a recent X post that a retest of $100,800 appears increasingly probable, serving as a crucial support level. This analysis comes in light of Bitcoin breaking out of a bullish pennant formation for the second time. The expected target for this bullish pattern is set at $150,000.
Nevertheless, with the current downturn, Bitcoin may continue to decrease before any upward movement becomes feasible. Colin pointed out that if Bitcoin approaches the critical supports below $100,800, specifically $97,600 and $92,800, it could quickly bounce back from those levels.
He also mentioned that this price behavior could form the right shoulder of a larger inverse Head-and-Shoulders pattern, which would help complete the formation to match the left shoulder. This analysis arrives shortly after Colin’s observation of Bitcoin’s deviation from the global M2 money supply.
Despite the turmoil, he contends that the bull market for Bitcoin is not over. Colin cited that such deviations occur 20% of the time and do not undermine the overarching trends. Essentially, there remains a strong potential for Bitcoin to ascend, possibly reaching the $150,000 target. Market expert Raoul Pal affirmed that Bitcoin’s correlation to money supply trends suggests there is no cause for alarm regarding present price fluctuations.
The Importance of Bullish Movement
In another X post, analyst Titan of Crypto emphasized that bullish intervention is critical for Bitcoin at this juncture. He noted that Bitcoin has just faced rejection at the Fair Value Gap around $106,000, and is now retracing to the lower contour of a symmetrical triangle.
Titan pointed out that if the lower boundary around $104,000 fails to hold, Bitcoin could test the previous weekly low of approximately $102,679. A failure to stabilize at that point might lead to a further decline towards the liquidity zone near $100,300.
As of the latest updates, Bitcoin is valued at around $103,500, having witnessed a decrease over the past 24 hours, according to CoinMarketCap data.
In summary, the current landscape of Bitcoin’s price presents a critical juncture for traders and investors, as they watch closely for signs of a reversal or further decline.
