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The Bitcoin price crashed from as high as $106,000 to $102,000 on June 20, sparking sell-offs among investors. Now, crypto analyst Colinhas indicated that the flagship crypto could still drop to as low as $92,800 and revealed what will happen if BTC gets there. The Current Bitcoin Price Action And What To Expect
In an X post, Colin said that it looks increasingly likely that the Bitcoin price will see a retest of at least 100,800 as the first major level of support. The analyst made this statement as BTC dropped out of a bullish pennantfor a second time. The measured target for this bull pennant is $150,000. Related Reading Analyst Says Bitcoin Price Could Rise 3x To $300,000 As AVIV Levels Resemble Previous Bull Cycles 3 days ago
However, with the most recent breakdown, the Bitcoin price threatens to decline further before any potential move to the upside. Colin stated that the next major levelsbelow $100,800 are $97,600 and $92,800. He opined that BTC is likely to quickly rebound from these support levels if it gets there. Source: Colin on X
The crypto analyst remarked that this Bitcoin price movement is all possible within the confines of the right shoulder of the larger inverse Head-and-Shoulders pattern. He added that this can make the right shoulder more complete, basically on the same level as the left shoulder. This analysis comes just a day after Colin revealedthat BTC has deviated from the global M2 money supply.
However, he suggested that the BTC bull marketis far from over. The analyst noted that the deviation happens 20% of the time and doesn’t invalidate the macro trend. Basically, the Bitcoin price is primed to rally higher at some point and possibly reach the $150,000 measured target. Market expert Raoul Pal also commentedon BTC’s correlation with the money supply, stating that it shows that there is no need to worry about the current price action. Bulls Need To Step In For BTC
In an X post, crypto analyst Titan of Crypto stated that the Bulls need to step in now for the Bitcoin price. He noted that BTC is facing a key test, having just been rejected at the Fair Value Gap at around $106,000. The analyst added that the flagship crypto is now retesting the lower boundary of the symmetrical triangle. Related Reading Bitcoin Price Breakdown Spurs Sell-Offs, Analyst Reveals What Will Happen If BTC Hits 92,800 8 hours ago
Titan of Cryptostated that if this lower boundary at around $104,000 fails, then the next level would be the previous weekly low at $102,679. If the Bitcoin price fails to hold that level, it could further drop to the liquidity pocket near $100,300.
At the time of writing, the Bitcoin price is trading at around $103,500, down in the last 24 hours, according to datafrom CoinMarketCap. ETH trading at $2,526 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com