Bitcoin Consolidates Above $100,000 as Analysts Warn of Bear Market
Bitcoin (BTC) is currently consolidating above $100,000, with analysts watching for potential price increases and new all-time highs (ATHs). A critical resistance level at $109,000 is approaching, but experts warn of a possible bear market within three months.
Bear Market Concerns
- Analyst Ali Martinez highlights historical patterns post-Bitcoin Halving events.
- Prediction indicates a bear cycle could start approximately 90 days from now.
- Current cycle is at 276 days, suggesting a downturn is imminent.
Price Predictions Before Drop
- Martinez uses the Wyckoff Method to analyze market cycles.
- BTC may trade between $140,000 and $200,000 before entering a Distribution Phase.
- Comparisons to the 2015-2018 cycle suggest potential for further growth.
- The Mayer Multiple indicates Bitcoin still has room for growth before reaching a peak near $182,000.
Currently, Bitcoin is trading at $102,900, down over 1.5% in the last 24 hours.