Bitcoin’s exhilarating ride hit a snag last month, as the cryptocurrency took a dive from its all-time high, slipping more than 10% and now teetering below the $110,000 mark. This descent, felt keenly as September begins, has sparked a flurry of activity among investors eager to lock in gains. But don’t breathe easy just yet. According to a prominent crypto analyst, the retracement might be just the start of a more significant downturn.
Navigating the Bearish Terrain
Bitcoin’s tumble isn’t entirely surprising for those who have been keeping an eye on the charts. MMBTtrader, a seasoned analyst, has pointed out that Bitcoin’s price is under significant duress. After a rejection at the $120,000 level, the cryptocurrency has slumped back to a critical support zone. The $108,000 level has managed to hold the line, but with sellers dominating the landscape, doubts linger over its resilience.
The analyst’s insights suggest a potential domino effect in the making. The market, it seems, is calling for a breather. An analysis of the trendline stretching back to 2024 indicates that Bitcoin could very well plummet to $93,000, a pivotal point where the trendline next intersects. This retest appears to be more of a touch-and-go moment — a support test, if you will. But here’s the kicker: momentum indicators aren’t exactly painting a rosy picture for a swift recovery. For further insights on where Bitcoin might find its bottom, see Bitcoin Price Crash? Here’s Where BTC Might Bottom Out.
The Looming Threat of Further Decline
While the $93,000 mark looms large, MMBTtrader warns of a deeper dive, possibly to $70,000. The bearish sentiment isn’t just speculation; it’s rooted in the current market dynamics. “I am thinking of breakout to the downside and more dump after that like red arrows maybe now with higher possibility,” the analyst noted, underscoring the prevailing uncertainty.
But is all hope lost for Bitcoin’s bulls? Not necessarily. If the bulls can muster enough strength to reclaim the trendline above $117,000, there’s a glimmer of hope for a rally. A bounce from this support level could potentially catapult Bitcoin by 30%, pushing it beyond $137,000. Yet, MMBTtrader remains cautious, emphasizing the likelihood of a breakdown over a breakout. As discussed in Bitcoin bull market will be ‘over’ if $100K BTC price is lost: Trader, losing key price levels could signal the end of the current bull market.
Historical Context and Market Trends
Bitcoin, notorious for its volatility, has seen its share of peaks and troughs. Last year, the digital currency experienced a similar retracement post its initial surge, only to rebound with renewed vigor. However, the current market sentiment — marked by apprehension and profit-taking — presents a different landscape. The ever-evolving regulatory environment and macroeconomic factors add layers of complexity to Bitcoin’s trajectory.
The conversation around Bitcoin isn’t just about numbers and charts. It’s about the broader implications for the crypto market and the technology underpinning it. Investors and enthusiasts alike are left pondering the long-term potential of Bitcoin amid these fluctuations. Could this be a mere blip, or is it indicative of a more profound shift?
What Lies Ahead?
As September unfolds, Bitcoin’s path remains uncertain. The market’s response to these developments will be crucial. Will it find its footing and bounce back, or are we on the brink of a prolonged bearish phase? The analyst’s forecast, while somber, isn’t set in stone. Market dynamics could shift, and with them, Bitcoin’s fortunes.
In the meantime, stakeholders are tasked with navigating this volatile terrain, balancing risk and potential reward. For now, the crypto world watches and waits, with bated breath, to see where Bitcoin’s journey takes it next.
Source
This article is based on: Pundit Calls Bitcoin Price Crash Below $93,000, Reveals Bear Targets From Here
Further Reading
Deepen your understanding with these related articles:
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- Bitcoin whales send BTC price under $109.5K as market ‘wobbles’ into US PCE
- ‘Red September’ Is Coming—Here’s What to Expect From the Bitcoin Market
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
