Bitcoin continues to be under pressure amid negative market sentiment. Recent forecasts show that its price might fall below $110,000 and even $95,000.
Analysts' Predictions on Bitcoin Drop
Crypto analyst Ali Martinez noted that Bitcoin could undergo a 20-30% correction. This could lead to a price drop to $95,000, given the negative market sentiment and significant sell-offs. He explained that Bitcoin's price has previously experienced major crashes when the weekly RSI fell below the 14 SMA. Currently, Bitcoin has already slipped 6% from the $120,000 level.
Key Support Levels and Market Analysis
Experts from Matrixport identified the level of $105,696, corresponding to the 21-week moving average. This level could serve as a reliable trend direction indicator. They suggested investors remain disciplined and carefully manage their risk. Data from CryptoQuant also supports the possibility of retesting the $105,000 level shortly.
Negative Sentiment Amid ETF Outflows
Long-term holders began exiting the crypto market several months ago. Recent outflows from investment products, including spot Bitcoin ETFs in the U.S., have further exacerbated negative sentiment among investors. Despite a slight increase of 0.39% in price over the past 24 hours, the current market situation remains tense. Bitcoin was trading at $114,265.14 with a low of $112,756 and a high of $114,390.
In light of increasing dissatisfaction and fear among investors, Bitcoin stands on the brink of a possible decline. Current forecasts indicate continued volatility, requiring traders to remain vigilant and cautious.
