Bitcoin Price Crash To $100,000 Or Rally To $122,000? Analyst Shows Game Plan For BTC – Crypto News – Crypto News
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Bitcoin Price Crash To $100,000 Or Rally To $122,000? Analyst Shows Game Plan For BTC Bitcoin Price Crash To $100,000 Or Rally To $122,000? Analyst Shows Game Plan For BTC

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Bitcoin Price Crash To $100,000 Or Rally To $122,000? Analyst Shows Game Plan For BTC – Crypto News

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6 months ago

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Crypto analyst Mark Cullen has laid out the game plan for the Bitcoin price amid the flagship crypto’s choppy price action. Based on his analysis, BTC could either crash to $100,000 or rally to $122,000, close to its current all-time high (ATH) of $123,000. 

The Game Plan For The Bitcoin Price

In an X post, Mark Cullen shared what he described as the ‘Bitcoin game plan.’ He noted that BTC is filling out the inefficient area between the two previous weekly ranges. The analyst further remarked that the next move will be determined by how the Bitcoin price breaks out or breaks down from this range. 

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Cullen stated that a break above $116,000 and holding above the previous range low could help the Bitcoin price build a bullish structure for a bigger squeeze to new ATHs later this month. His accompanying chart showed that BTC could first rally to around $122,000, close to its current ATH, before it breaks above to new highs. 

Source: Mark Cullen on X

On the other hand, there is also the possibility of the Bitcoin price declining further. The analyst stated BTC is likely to crash to $100,000 if it loses the weekend low at around $111,000 and fails to attempt a reclaim of $112,000. Cullen declared that critical weeks’ price action is ahead for the flagship crypto, seeing as it is at a crossroads. 

It is worth mentioning that BitMEX co-founder Arthur Hayes is one of those who believe that the Bitcoin price could still crash to $100,000. Hayes recently predicted that BTC will retest this level while ETH retests $3,000. He alluded to the tariffs as one of the reasons crypto prices would drop this low. The crypto founder also suggests that there is currently no available liquidity to boost the prices of these assets. The last time that Bitcoin was at $100,000 was towards the end of June, before it then went on to reach new all-time highs in July.

BTC Could Still Drop To As Low As $95k

Crypto analyst Ali Martinez has indicated that the Bitcoin price could still drop to as low as 95,000. In an X post, he noted that the last two times the weekly RSI dropped below the 14 SMA, BTC corrected by 20% to 30%. Therefore, he remarked that the flagship crypto could fall to $95,000 if history repeats itself. 

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In the meantime, the $112,000 level is the level to watch for the Bitcoin price. Titan of Crypto described this level as the line in the sand,” as BTC continues to reject the bearish Fair Value Gap (FVG) at around $114,000.

At the time of writing, the Bitcoin price is trading at around $114,000, down in the last 24 hours, according to data from CoinMarketCap.

Bitcoin
BTC trading at $114,214 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from Pixabay, chart from Tradingview.com

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