Bear Market Alert: Top Expert Claims Bitcoin Price Fate Hangs On $101,700 Support Level
The Bitcoin value confirmed some indicators of restoration in the beginning of the week, buying and selling above the $110,000 mark. This uptick follows two consecutive Fridays of major drops, igniting fears and uncertainty amongst traders. These considerations have been compounded by predictions from consultants a few potential bear market on the horizon.
Looming Bear Market Threat
Market analyst Doctor Profit, recognized for his correct forecasts relating to the latest Bitcoin value trajectory, has lately solid doubt on whether or not market makers will permit each retail and institutional traders to exit at extra favorable costs after incurring losses.
In a social media publish on X (beforehand Twitter), he suggested that the utmost bullish situation for the Bitcoin value within the near-term might attain round $116,500, representing a 9% enhance from its present ranges.
However, he emphasizes {that a} drop under $101,700 would breach what he phrases the “magic bull market line,” successfully confirming a bear market. Profit advises warning, predicting a major transfer that might push the Bitcoin value under this vital threshold, signaling the tip of the bull run.
Adding to the bearish sentiment, the Bitcoin value is presently hovering under the short-term holder realized value of $112,500. This determine represents the typical entry level for short-term merchants and patrons, a lot of whom at the moment are going through losses.
On-chain knowledge compiled by the knowledgeable additionally signifies that these merchants are prone to dump their positions if the Bitcoin value dips between 5% and 10%, probably intensifying short-term selling pressure.
Challenging Times Ahead For Bitcoin Price
Profit additional elaborates in the marketplace situations, pointing out that present value actions are indicative of market makers liquidating each bullish and bearish positions.
“Nothing goes down in a straight line,” he notes, suggesting that whereas the market might be in a bear market, it’s important to stay conscious of short-term fluctuations. He argues that high-leverage merchants have to be worn out on each side earlier than the market experiences its subsequent important downward motion.
The knowledgeable additionally warns that each temporary rally is designed to mislead bullish merchants and liquidate late bearish positions. The market makers’ technique seems to contain pushing Bitcoin towards the $116,500 area to get rid of late bears and generate adequate liquidity for one more downward value adjustment, probably resulting in new native lows.
Looking forward, Doctor Profit predicts that such value actions will proceed to recur within the coming weeks and months, making a difficult surroundings for traders within the unstable digital asset market.
Featured picture from DALL-E, chart from TradingView.com