Bitcoin Price Drops to $102,000 as Analysts Predict Further Decline
On June 20, Bitcoin's price dropped from $106,000 to $102,000, prompting sell-offs. Analyst Colin suggests a potential further decline to $92,800, with key support levels at $100,800, $97,600, and $92,800.
Current Bitcoin Price Action
- Bitcoin is retesting the $100,800 support level after breaking out of a bullish pennant.
- Colin forecasts possible rebounds if Bitcoin reaches $97,600 or $92,800.
- The price movement aligns with an inverse Head-and-Shoulders pattern.
- Despite recent deviations from the global M2 money supply, the potential for a rally towards $150,000 remains.
- Market expert Raoul Pal indicates no cause for concern regarding current price action.
Bullish Scenario Needed
- Analyst Titan of Crypto emphasizes the need for bulls to step in as Bitcoin faces resistance around $106,000.
- If Bitcoin fails to hold above $104,000, it may drop to previous lows near $102,679 and potentially to $100,300.
Currently, Bitcoin is trading at approximately $103,500, reflecting a decline over the last 24 hours.
