Bitcoin Price May Rise to $114,000 Before Potential Crash
The Bitcoin price chart indicates a head and shoulders pattern, suggesting potential movements in the near future. There is an unfilled Fair Value Gap (FVG) above $114,000, likely to be filled, but significant resistance might lead to a price drop.
Key Points
- The first FVG opened just above $114,000 after the last crash, potentially attracting buy-ins.
- Resistance at $114,000 may trigger a liquidity squeeze, pushing prices down.
- Traders have placed stop loss orders above $114,000, increasing selling pressure at this level.
- After filling the FVG, a bearish trend is expected, with predictions of a drop below $108,000.
- A decline of over 10% could see Bitcoin prices reach as low as $106,000.
- September historically shows poor performance for Bitcoin, contributing to bearish expectations.
