Summary: Analyst Predicts Bitcoin Price Crash: Rejection From $120K Puts Altcoins At Risk

The cryptocurrency market is currently at a crucial juncture, with Bitcoin's recent meteoric rise to an unprecedented all-time high of $122,838 on July 14th now giving way to a period of uneasy stability. After a week of intense trading and significant capital inflows, Bitcoin finds itself oscillating between the $117,000 and $118,500 range, prompting concerns among analysts. A prominent bearish prediction comes from crypto analyst Melikatrader94, who foresees Bitcoin dropping further to $113,000. This outlook is based on the formation of a Quasimodo Level (QML) structure, a technical pattern that signals a bearish shift in market dynamics. The analyst's observation that Bitcoin was firmly rejected from the $119,000-$121,000 zone underscores active selling pressure, confirming that the bears are currently dictating market momentum. Such a potential downturn for Bitcoin poses a significant threat to the altcoin market. Many altcoins, despite recently achieving substantial gains – with XRP breaking an eight-year resistance to hit $3.65 and Ethereum briefly climbing above $3,600 – are already showing signs of vulnerability and consolidation. If Bitcoin decisively breaks below the $116,000 support level, it could trigger a domino effect of altcoin sell-offs. However, the analysis also hints at an intriguing possibility: a potential decoupling of altcoins from Bitcoin's movements, which could usher in an "altcoin season" where major altcoins outperform BTC, presenting both a risk and a unique opportunity for astute investors.