Bitcoin's Looming Crash: Analyst Warns of Drop to $93,000 and Beyond
Bitcoin, after achieving a new all-time high just last month, has seen a significant pullback, retracing over 10% and dipping below the $110,000 mark once again. This bearish momentum has persisted into the new month, driven by sustained sell-offs as investors scramble to secure profits. Despite some calls for a potential bottom, a leading crypto analyst suggests the downturn is far from over, predicting further declines for the world's largest cryptocurrency.
Why a Crash to $93,000 is Imminent
According to crypto analyst MMBTtrader, Bitcoin is currently facing immense selling pressure, evidenced by its rejection from the $120,000 level and subsequent fall to the next major support zone. The $108,000 level has offered some temporary stability, preventing a steeper decline. However, with sellers still dominating the market, this support is unlikely to hold for long. Looking at the broader technical picture, the analyst points to a crucial trendline from 2024, which, upon retesting, suggests Bitcoin could tumble to $93,000. This retest is anticipated as the market seeks a necessary "rest" period.
The Road Ahead: Further Dips or a Bullish Reversal?
While a drop to $93,000 aligns with the significant trendline retest, MMBTtrader remains bearish on immediate recovery prospects. Even if Bitcoin finds support at $93,000, momentum indicators do not signal an impending recovery. The analyst anticipates a further breakdown, with the price potentially plummeting as low as $70,000 if the $93,000 support fails. A potential bullish rebound, though less likely in the current climate, would require Bitcoin to reclaim the trendline above $117,000 to signal a continuation of its upward trajectory. However, the analyst cautions that a downside breakout and further dumps are now considered more probable, painting a grim picture for Bitcoin's short-term price action.
