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The price of Bitcoin recently reached a monumental milestone, crossing the $100,000 threshold for the first time in its history. While the breakthrough is a significant achievement for BTC price, it also raises the question of where it goes from here.
The consensus among many analysts is that the price of Bitcoin will continue to rise. However, a TradingView crypto analyst issued a stern warning and called this price a “danger zone.” According to their technical outlook, reaching $100,000 could cause a massive correction in Bitcoin price to the $72,000 price level.
Why $100,000 Could Be a Turning Point for Bitcoin Price
After four failed attempts to break the $100,000 mark, Bitcoin has finally broken the psychological threshold and is now open to unknown price territory. Although the price of Bitcoin fell back below $100,000 in the hours that followed, many investors remain optimistic, viewing this pullback as a temporary setback and believing that Bitcoin’s journey above $100,000 is far from over.
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Optimism, however, runs into a contrasting perspective. of an analysis from the TradingView platform, which offers a more cautious and bearish outlook. The analyst highlights the $100,000 level as a “magnet” that has consistently attracted price activity over the past few weeks, serving as a critical zone of attraction and resistance. With this in mind, the analyst’s outlook is for bearish price action, essentially predicting a retest of $94,000. From here, the analyst expects a market structure breakout (MSB) to occur, which would in turn trigger a broader BTC price correction.
Interestingly, the analyst predicted break below $94,000 The price level would lead to a retest of $88,000. If Bitcoin falls below the $88,000 support, the analyst foresees further price declines that would push Bitcoin price towards an ideal target zone just above $72,200.
Bullish sentiment outweighs bearish sentiment
If the bearish scenario described by the analyst comes to pass, it could plunge the cryptocurrency market into another bear market, with other cryptocurrencies mirroring Bitcoin’s downward trajectory and erasing recent price gains.
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However, this remains a prediction rather than a Evaluation of the current dynamics of the crypto market. Currently, the cryptocurrency market continues to enjoy bullish sentiment, as evidenced by the Fear & Greed index, which is currently at an extreme greed level of 81. Some analysts have suggested that Bitcoin price may still have room to rise. , with some forecasts. potential highs near $140,000.
At the time of writing, the price of Bitcoin is trading at $98,350. Interestingly, the recent break above $100,000 led to a retest of $94,000 in the last 24 hours. However, Bitcoin price recovered from $94,000 instead of falling below it. Despite this rally, the leading cryptocurrency may not be out of the woods yet.
Featured image created with Dall.E, chart from Tradingview.com
