Analyst Predicts Bitcoin Price Correction After Reaching $108,000
The past weekend saw Bitcoin rebound from previous lows, reaching $108,000. This has improved investor sentiment. However, analysts warn of a potential price drop towards the support level near $100,000 due to increasing resistance.
Reasons for Potential Bitcoin Price Drop
- Resistance levels around $109,500 may hinder further upward movement.
- The cryptocurrency could face significant challenges before breaking its all-time high of $112,000.
- Support at $102,500 is crucial if a downturn occurs, with expectations for recovery at this level.
Liquidity and Market Analysis
- Another analyst indicates a likely pullback as liquidity at higher levels has been absorbed.
- A correction is anticipated, potentially targeting $107,000 before testing the $106,400 support.
- Despite expected dips, the overall bullish trend may continue into July, traditionally a strong month for Bitcoin.
