Bear Market Alert: Expert Warns Bitcoin’s Critical Support at $101,700
The Bitcoin price has shown signs of recovery, trading above $110,000 after experiencing significant drops. Analysts predict potential bearish conditions ahead, with Bitcoin's near-term bullish cap at $116,500, a 9% increase from current levels.
Looming Bear Market Threat
- Doctor Profit warns of a possible bear market if Bitcoin falls below $101,700, the "magic bull market line."
- Bitcoin is trading below the short-term holder realized price of $112,500, causing losses for many short-term traders.
- On-chain data suggests traders may sell if Bitcoin dips 5%-10%, increasing short-term selling pressure.
Challenging Times Ahead For Bitcoin Price
- Current price movements hint at market makers liquidating positions on both sides.
- Doctor Profit advises caution, noting that brief rallies might mislead and liquidate late bearish positions.
- Market makers could push Bitcoin to $116,500 to eliminate late bears before a downward adjustment.
- Such price fluctuations are expected to persist, posing challenges for investors.
Featured image from DALL-E, chart from TradingView.com