- Analyst advices caution as Bitcoin expected to hit lower lows.
- BTC loses support at $107,000, could fall to $110,000 – $93,000.
- Could this be Bitcoin’s local bottom before a rally?
The crypto market began the day by witnessing a shart fall in the price of the pioneer crypto asset Bitcoin (BTC). So far, the price of BTC has fallen from $107,000 to $104,000, where it is currently trading. One analyst advices caution as Bitcoin expected to hit $100,000 – $93,000 after losing support. In detail, the analyst expects another sharp fall to 5-digit prices in the coming day ahead.
Analyst Advices Caution as Bitcoin Expected to Hit Lower Targets
According to CoinMarketCap analytics, the price of the pioneer crypto asset, Bitcoin (BTC), is trading in the $104,000 price range. Over the past 24 hours, the price of BTC has fallen by over 2.7% and is in deep red. Presently, the asset is boasting a total market cap of $2,085,411,333,887.87 and a 24-hour trading volume of $79,106,574,133.64. Bitcoin is also over a 16% pump away from its previous ATH price set in the $126,000 price range.
Over the last few weeks, reputed crypto analysts have been debating the possibilities of Bitcoin going either bullish or bearish over the final months of the year. Presently, bearish sentiments seem to be winning out and the most bearish analysts are setting targets in the $66,000 and $55,000 price range for BTC, believing the bear market has begun and expected the price of BTC to fall further.
Previously, one such bearish analyst notices one of many bearish price dumps, which was a CrossX indicator on the BTC price chart. This indicator seems to be a strong indicator for a much greater dip coming for Bitcoin, and soon after its formation, the price of BTC has already begun to decline at a rapid pace, leaving analysts scrambling to find a bottom for the current fall.
Bitcoin Loses Crucial Support at $107,000
According to one reputed crypto analyst, Bitcoin (BTC) just lost a crucial support level at the $107,000 price range. He believes that despite this being a very strong level, the fact that it has been tested over 6 times has made it weak, leading bears to finally break it down, allowing BTC to fall for lower targets. Analysts are now readjusting their trade orders to survive the dip.
As we can see from the post above, the analyst predicts that once BTC loses this support level, it will likely drop to the $100,000 and $93,000 price range and advices caution for traders and investors. Can the price of BTC rally after hitting the $93,000 price range? If so, how high can the price recover? Can the community expect another BTC ATH or just an altseason or a greater dip in a much stronger bear market?
