The post Analyst Says Bitcoin Price At $100,000 Is A ‘Dangerous Zone’, Predicts Massive Crash appeared on BitcoinEthereumNews.com.

Este artículo también está disponible en español. The Bitcoin price recently achieved a monumental milestone, crossing the $100,000 threshold for the first time in its history. While the breakthrough is a significant achievement for the BTC price, it also raises the question of where it goes from here.  The consensus among many analysts is of a continued bullish price action for Bitcoin. However, a crypto analyst on TradingView has issued a stark warning, labeling this price point as a “dangerous zone.” According to their technical outlook, reaching $100,000 could cause a massive correction in the Bitcoin price up to the $72,000 price level. Why $100,000 May Be A Turning Point For The Bitcoin Price After four failed attempts to breach the $100,000 mark, Bitcoin has finally broken through the psychological threshold and is now open to uncharted price territory. Although the Bitcoin price retraced below $100,000 in the hours after, many investors remain optimistic, viewing this retracement as a temporary setback and believing that Bitcoin’s journey above $100,000 is far from over. Related Reading The optimism, however, is met with a contrasting perspective from an analysis of the TradingView platform, which offers a more cautious and bearish outlook. The analyst highlights the $100,000 level as a “magnet” that has consistently drawn price activity over the past few weeks, serving as a critical zone of attraction and resistance. With this in mind, the analyst’s outlook is of bearish price action, essentially predicting a retest of $94,000. From here, the analyst expects the occurrence of a market structure break (MSB), which in turn would trigger a broader correction for the BTC price.  Interestingly, the analyst predicted that breaking below the $94,000 price level would lead to a retest of $88,000. Should Bitcoin break below the $88,000 support, the analyst foresees further price…

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Filed under: News - @ December 6, 2024 11:29 pm