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Bitcoin Price Analysis: BTC Risks Dropping Toward $80K if it Fails to Reclaim $100K Soon
The Bitcoin market has been experiencing a tumultuous ride lately, with the price failing to sustain its rally above the $100K level. As a result, our team at CryptoPotato has decided to analyze the current situation and predict what could happen in the coming weeks.
Firstly, let’s take a look at the daily chart of Bitcoin. As you can see from the graph below, the price dropped below the $100K level last week and failed to climb back above it since then. While the $90K support zone has held the market, preventing it from dropping lower, this failure to break above the $100K level could lead to a deeper correction towards the $80K area in the coming weeks if it doesn’t reclaim that level soon.
Looking at the 4-hour chart of Bitcoin, things become slightly more complicated. The price recently broke the ascending channel pattern to the downside, which is often a reversal signal. Additionally, the lower boundary of this pattern has been retested twice alongside the $100K resistance level. This could also potentially lead to a drop towards the $90K and even lower in the short term.
However, on-chain metrics suggest that long-term holders are still not creating significant selling pressure at current levels. The realized profit ratio has yet to reach the values seen during previous consolidations below $70K. Given this information, it could be interpreted that these sellers do not have enough influence to overwhelm the market and potentially lead to a price drop.
What does this mean for Bitcoin traders? In our view, we believe it’s crucial that the asset reclaims $100K as soon as possible to avoid a deeper correction towards $80K. If this happens, there is a possibility of an upward trend resuming in the coming weeks.
Source: cryptopotato.com
