Bitcoin Surges Above $105,000 as Analyst Predicts Potential Final Drop

Bitcoin surpassed $105,000 in European trading on Tuesday, recovering from a weekend dip below six figures. Analyst Quantum Ascend noted that the current price pattern mirrors past cycles, suggesting potential further declines.

Key Points

Bitcoin's recent movement reflects a pattern similar to 2021, indicating a possible relief rally towards $107,000–$108,000.
A deeper price correction is anticipated, targeting levels between $96,500 and $92,000, aligning with Fibonacci retracement zones.
The analyst views the current drop as part of a larger C-wave structure and predicts a short-term bounce before another decline.
Retail bids around the Chicago Mercantile Exchange gap at $92,000 may not hold, creating a precarious market environment.
Long-term optimism remains, with a target price of $132,000 for Bitcoin, coinciding with a significant altcoin surge.
Traders are monitoring resistance levels at $108,000; failure to hold could lead to accelerated downward movement.

At press time, BTC was trading at $105,077.