Analyst Sounds Bearish Alarm For Bitcoin As $100,000 Presents Psychological Resistance
23 Noviembre 2024 - 8:30PM
NEWSBTC
Despite heightened expectations for the Bitcoin price to hit the
$100,000 milestone, a crypto analyst has surmised that this key
target could present psychological resistance for the pioneer
cryptocurrency. Amidst this bearish warning, the coin’s price’s
continued upward movement towards the elusive $100,000 mark has
become the center of attention in the crypto community.
Related Reading: Bitcoin Price Mirrors 2017 Pattern, Is The Top
Only 2 Weeks Away After Hitting $100,000? $100,000 Bitcoin Price As
A Psychological Resistance Crypto analyst Gert van Lagen
recently took to X (formerly Twitter) to announce to his 108,000
followers that the Bitcoin price is approaching the $100,000 all
time high. The analyst has suggested that its climb to $100,000
would be like hitting major price levels of $10, $100, and $10,000
for the first time. According to Lagen, the $100,000
milestone is set to present a psychological resistance for Bitcoin,
potentially leading to short-term price volatility. Based on the
analyst’s statements, this psychological resistance could
temporarily stall the crypto’s rally above $100,000. While
sharing this bearish warning, Lagen also issued a bullish forecast
for Bitcoin, highlighting that a surge to the target zone of
$220,000 to $320,000 was likely before the global recession set in.
While this prediction could be well received by BTC if it continues
on its bullish momentum, the analyst has asserted that the timeline
to reach these heights may be limited. In preparation for the
projected Bitcoin psychological barrier, Lagen has advised crypto
investors to short their BTC at the $100,000 mark. Traders who
leverage this strategy will have to bet on the possibility of a
price correction in Bitcoin before it experiences any significant
breakout to the upside. With Bitcoin approaching the $100,000
price level, the stakes are getting higher, as analysts believe
that this key milestone could serve as a launch pad to propel the
cryptocurrency to a price top. For now, the price is trading at
$98,560, marking a 7.63% increase in the last seven days as bullish
sentiment and momentum continue to grow. Massive
Liquidation To Follow If BTC Hits $100,000 Although the
crypto market is anticipating Bitcoin’s price rise to $100,000, a
prominent analyst has revealed that massive liquidation could be
triggered once BTC reaches this fundamental level. According to Ali
Martinez, $1.89 billion is set to be liquidated if Bitcoin jumps to
the $100,625 level. Based on the analyst’s chart, this
Bitcoin liquidation represents its “cumulative short liquidation
leverage.” This analysis follows reports of a large-scale Bitcoin
liquidation, as Martinez recently revealed that a whopping 65,000
BTC, valued at $6.37 billion, was withdrawn from exchanges.
Related Reading: Chinese Court Declares Personal Crypto Ownership
Legal In Mainland China Martinez has also revealed that Bitcoin’s
TD Sequential is flashing a sell signal on its 4-hour chart. Given
this, the analyst has predicted a significant correction to the
$97,085 mark. On the flip side, the analyst has disclosed that if
Bitcoin can hold a candlestick above $100,470, it would invalidate
the bearish formation and potentially propel its price towards
$102,656 or $104,343. Featured image from Pexels, chart from
TradingView
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