Bitcoin's price has dropped by more than four percent in the last 24 hours, sparking interest in its next move.
Current Price and Analysts' Forecasts
Analyst Crypto Capo recently mentioned that the market might see a 5-15% drop soon, which might be a good buying opportunity. However, many are still questioning whether BTC has peaked.
Price Dynamics and Market State
Bitcoin hit $102,712 on January 7 and then reversed, erasing its gains. Despite this, the overall trend remains upward, with Bitcoin holding above key support levels, keeping the potential for a new all-time high around $130,000 intact.
Overview of Support and Resistance Levels
Recent movements have pushed Bitcoin's price past important levels like $100,800, indicating short-term bullish momentum. However, any drop below $100,590 could signal a deeper correction, and a fall below $100,220 increases the likelihood of a significant price drop.
Bitcoin shows signs of strength, hinting at the potential for further gains. However, potential corrections might challenge its price before confirming a sustained upward trend.
