Analyst Forecasts Potential Bitcoin Drop Towards $102,000 Support Level
Bitcoin reached an all-time high of $111,814 on May 22 but has struggled to surpass this level, resulting in increased bearish pressure. Key points include:
- Formation of lower highs on the 4-hour chart indicates potential loss of bullish momentum.
- Repeated rejection around the $111,000 to $112,000 zone suggests fading bullish sentiment.
- Current price action resembles a double top pattern, which could signal a shift to bearish dominance.
- Support around $105,000 is weakening; failure to hold could lead to a decline toward $101,000 to $102,000.
- As of now, Bitcoin trades at $105,272, down 2.5% in the last 24 hours.
If the downward trend continues, a move towards the support area between $101,000 and $102,000 is anticipated before any potential recovery.
