Could Bitcoin Drop to $91K If Crucial Resistance Is Not Reclaimed?
Bitcoin is at a critical junction as it hovers around $107,000, with analysts speculating on its immediate future amidst recent volatility.
A lot can change in the cryptocurrency markets over approximately ten days, as seen since October 10, when Bitcoin (BTC) was trading confidently above $120,000, following a new all-time high of $126,000. The initial sentiment was bullish, especially with Uptober beginning and hefty price predictions circulating.
However, chaos erupted on October 10 when BTC plummeted by nearly $20,000 on some exchanges, hitting a low of $101,000 on Binance. While it immediately bounced back after liquidating billions in over-leveraged positions, its recovery halted at $116,000, and bearish pressure returned on October 17.
As highlighted previously, Bitcoin experienced another wild swing that pushed it below $104,000. Fortunately, positive updates from Trump regarding US-China tariffs brought temporary relief, stabilizing BTC around $107,000. The pressing question now is the road ahead, with analysts differing in opinion.
Critical Levels for Bitcoin
Satoshi Flipper commented on the lower timeframe (1 hour), stating that “the market eagerly awaits BTC to reclaim $108K and surpass this LFT falling wedge resistance.”
Michaël van de Poppe emphasized an essential level to reclaim – $110,000. He noted that liquidity has recently withdrawn, rendering ATH levels elusive for now. Nonetheless, if BTC exceeds $110,000, the overall market structure could improve instantly.
“It’s crucial for #Bitcoin to surpass the $110K mark. Current liquidity is absent, leading to prolonged stagnation before a new pattern or ATH emerges, but relief isn’t far off.” — Michaël van de Poppe (@CryptoMichNL)
The Bearish Perspective
Contrarily, Crypto Tony shed light on a potential downside. He expressed concerns regarding BTC’s risk of falling below the crucial $100,000 mark, as suggested by a recent poll. He anticipates another downward movement if BTC cannot quickly rebound decisively.
Should this bearish outcome occur, Bitcoin could dip to $95,000 or even reach $91,000 before finally hitting bottom.
“$BTC / $USD – Economic Update: Everything aligns for another decline. I envision Bitcoin dropping to $95,000, potentially testing the $91,000 region before we identify a base.” — Crypto Tony (@CryptoTony__)
