Bitcoin Price Risks Market Crash After Closing Below Key Resistance Level

Crypto analyst Rekt Capital warns of a potential Bitcoin price crash after closing below a key resistance level. The critical price to reclaim is $108,890 to negate this bearish trend.

Summary of Key Points

Bitcoin closed below the major weekly resistance at approximately $108,890.
A Lower High resistance around $107,720 may be forming.
Failure to hold above $107,720 puts Bitcoin at risk of dropping below the macro level of $106,800.
Historical bull market cycles suggest Bitcoin could end its current bull run in two to three months.
Despite recent declines, some analysts believe Bitcoin has potential for further gains, with predictions of reaching between $140,000 and $145,000 by late 2023.

As of now, Bitcoin is trading around $106,800, reflecting a decrease over the past 24 hours.