Bitcoin Risks Plunge to $87,600 if Key Support Breaks
Bitcoin's current position could lead to either a new all-time high or a sharp decline, according to trader Josh Olszewicz.
The Bullish Case
- BTC is within a "megaphone" pattern since July, with resistance between $126,000 and $128,000 and support between $105,400 and $103,800.
- A rise above the $116,000–$117,000 resistance zone could push Bitcoin toward $128,000, potentially setting a new all-time high.
The Bearish Case
- A head-and-shoulders pattern on the 1-day chart shows potential downside risk if the neckline ($105,000–$106,000) breaks.
- A break below $107,316 could lead to targets at $93,963.81 and $87,652.27.
Currently, Bitcoin trades at $110,096, with resistance in the $116,000 region and support around $105,000–$106,000.
