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Bitcoin Price Breakdown Spurs Sell-Offs, Analyst Reveals What Will Happen If BTC Hits $92,800
In a sudden market shift, Bitcoin’s price plummeted from a high of $106,000 to $102,000 on June 20, leading to widespread sell-offs. Crypto analyst Colin has projected a potential further decline to $92,800, outlining the implications of such a move.
Current Bitcoin Price Dynamics
On a recent X post, Colin highlighted the likelihood of Bitcoin retesting the $100,800 mark, which serves as the initial significant support level. This observation came as Bitcoin exited a bullish pennant pattern for the second time, targeting a long-term rise to $150,000. However, the recent breakdown suggests a possible further decline before any upward movement. According to Colin, subsequent critical support levels are located at $97,600 and $92,800, where he anticipates a swift recovery if these thresholds are tested.
Structural Patterns and Market Sentiments
Colin explained that the current price movement fits within the right shoulder of an extensive inverse Head-and-Shoulders pattern, potentially aligning it with the left shoulder to complete the formation. This analysis follows his revelation that Bitcoin has slightly diverged from the global M2 money supply, a deviation he views as non-detrimental to the overarching bullish market trend. Market expert Raoul Pal also dismissed concerns about this deviation, reinforcing a positive outlook for Bitcoin’s correlation with the money supply.
Urgency for Bullish Action
Echoing the sentiment of urgency, crypto analyst Titan of Crypto emphasized on X that bulls need to engage actively now. After Bitcoin was rejected at the $106,000 Fair Value Gap, it is now testing the lower boundary of a symmetrical triangle. Failure to maintain this level could see Bitcoin approach the previous weekly low of $102,679, and potentially dip into the liquidity pocket near $100,300.
Market Watch
As of the latest updates, Bitcoin is trading around $103,500, marking a recent decline. Investors and market watchers are advised to stay informed on developments within the crypto space, as these could indicate significant market movements. For those interested in further details, more information is available on [Binance](https://www.binance.com/).
In conclusion, while the immediate future may present challenges, the underlying indicators suggest a robust capacity for recovery and growth in the Bitcoin market. Investors are encouraged to monitor these support levels closely as they could dictate the short-term market dynamics in the crypto space.
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