The recent one Bitcoin price crashes below the psychological level of $100,000 has sparked a new wave of bearish forecasts, but still not everyone is convinced that a deeper decline is imminent. While many traders expect a correction to $92,000, one analyst has dismissed the idea of a price breakdown and emphasized that Bitcoin is still not ready upside potential before any significant retracement
Why Bitcoin Price Won’t Fall to $92,000
Crypto analyst @YazanXBT has become one of the loudest voices denying the increasingly popular system Crash Target of $92,000 for Bitcoin. The analyst took to X on social media on November 13 inform the crypto community that instead of falling to $92,000, BTC is gearing up for a new all-time high of $145,000.
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The analyst supported his bullish projection by pointing to a similar moment during BTC’s previous one bear market bottom. He stated that many people at the time were confident that the Bitcoin price would drop to $12,000 or even $10,000. But instead, the cryptocurrency hit a low of $15,800 before being among the strongest price recovery ever. Essentially, @YazanXBT’s message implies that the massive bearish consensus is often a signal that the opposite outcome is more likely.
In response to his X-post, a member of the crypto community argued that Bitcoin still has an unfilled Chicago Mercantile Exchange (CME) gap of $92,000. They noted that, based on historical behavior, BTC tends to fill CME gaps before reaching new highs, implying a crash is imminent. @YazanXBT rejected the bearish outlook and reiterated that Bitcoin is much more likely to rise to $145,000 before a pullback. the CME gap of $92,000.
Notably, a rise to $145,000 would require Bitcoin to break out of the current bearish pressure and rise around 50% from where it stands today. After seeing weeks of capitulation and massive price drops, BTC is now trading just above $96,000, showing no clear signs of a recovery.
Analysts claim the BTC crash looks like manipulation
Crypto market expert @CottonXBT shared a detailed price chart, which is highlighted Bitcoin falls below $97,000 this week. The map layout, with sharp sale and rapid swings, has led him to call the recent price drop a possible sign of manipulation rather than a true trend reversal.
The analyst highlighted that this type of price action often occurs when big players try to take out retail investors before driving the market back up. He urges investors to ignore the fear, uncertainty and doubt (FUD) and buy more BTC.
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The same goes for other market watchers interpreters Bitcoin’s retreat is a rare opportunity accumulate below the $100,000 limit. Simon Dixon, the CEO and co-founder of online investment platform BnkToTheFuture, urged investors to take advantage of the current low levels, noting that they will get more BTC for their “fiat shitcoin.”
Featured image from Pixabay, chart from Tradingview.com