Analyst Warns Bitcoin May Drop to $88,000 if Resistance Holds

Bitcoin is attempting a recovery after a decline of over 7% from its peak of $124,450. Currently, it has reached a low of $112,500, which aligns with key technical targets.

Key Points

Technical analyst CasiTrades identifies the recent drop as Wave 1 of an A-wave corrective pattern.
A potential relief bounce (Wave 2) could push Bitcoin to the $119,900 to $121,900 range.
If Bitcoin fails to breach $120,000, it may enter Wave 3, with downside risks extending to $88,000.
A new all-time high above $124,500 would invalidate bearish projections and strengthen bullish sentiment.
Amid Bitcoin's struggle, altcoins like XRP, Ethereum, and Solana are experiencing mixed movements, as traders seek opportunities in higher volatility assets.

The market sentiment remains uncertain, with traders divided between expectations of a rebound and concerns of further correction. The next few days will hinge on Bitcoin's response at resistance levels.