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The Bitcoin price collapsed from as high as $ 106,000 to $ 102,000 on 20 June, causing a sale among investors. Now, Crypto analyst Colin has indicated that the Crypto flagship could still fall to $ 92,800 and revealed what will happen if BTC comes there.
The current Bitcoin price promotion and what to expect
In one XColin said that it increasingly looks that the Bitcoin price will see a retest of at least 100,800 as the first important level of support. The analyst made this statement when BTC fell out A bullish pennant For the second time. The measured goal for this bull level is $ 150,000.
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With the most recent breakdown, however, the Bitcoin price threatens to fall further before a potential switch to the benefit. Colin explained that The next big levels Below $ 100,800 are $ 97,600 and $ 92,800. He was of the opinion that BTC will probably return quickly from these support levels when it comes.
The Crypto analyst noted that this Bitcoin price movement is all possible within the boundaries of the right shoulder of the larger Inverse Main and shoulders pattern. He added that this can make the right shoulder more complete, in principle at the same level as the left shoulder. This analysis only comes a day later Revealed colin That BTC has deviated from the global M2 money amount.
However, he suggested that The BTC Bull Market Is not over yet. The analyst noted that the deviation takes place 20% of the time and does not invalidate the macro trend. In short, the Bitcoin price is ready to get higher at a certain moment and possibly achieve the measured purpose of $ 150,000. Market expert Raoul Pal also commented About the correlation of BTC with the amount of money, which states that it does not have to worry about the current price action.
Bulls must intervene for BTC
In one XCrypto Analyst Titan from Crypto stated that the bulls now have to intervene for the Bitcoin price. He noted that BTC is confronted with an important test, which has just been rejected at the real value gap at around $ 106,000. The analyst added that the flagship Crypto is now the lower limit of Hertet The symmetrical triangle.
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Titan van Crypto stated that if this lower limit failed at around $ 104,000, the next level would be the previous weekly layer at $ 102,679. If the Bitcoin price does not retain that level, it can fall further to the Liquidity Pocket almost $ 100,300.
At the time of writing, the Bitcoin price acts according to around $ 103,500, according to the last 24 hours, according to facts Van Coinmarketcap.
Featured image of Getty Images, Chart van TradingView.com