A well-known crypto analyst has issued a stern warning about Bitcoin (BTC), predicting a potential price drop to $98,200 due to increasing negative sentiment. The analyst also suggested that the altcoin season might be further delayed as the overall market trends downwards.
Bitcoin's Price Movement
Bitcoin's price has stabilized just above $100,000 after a significant loss over the past month. However, concerns are growing about its near-future prospects. Dr. Crypto, a prominent crypto analyst, predicts that Bitcoin's price could drop to $98,200, a crucial support level. If this level breaks, the price might plummet further, potentially reaching the $70,000 range.
Technical Analysis
According to Dr. Crypto's chart analysis using Ichimoku Cloud patterns, Bitcoin is trading slightly above the mid-range but maintains a bearish structure on the daily and 2-day timeframes. This weakens any potential upside movement. The analyst drew parallels with April 2024, when a similar situation led to a significant price drop.
Altcoin Season Delay
Dr. Crypto also warned that many altcoins are approaching key resistance levels relative to Bitcoin. The overall market structure might become challenging for altcoins in the next week or two. Bitcoin's dominance chart suggests that Bitcoin will outperform altcoins due to its relatively lesser decline rather than its strength. This could lead to more significant losses for altcoins while Bitcoin's price drops in a more controlled manner.
Market Cap
The total market cap of cryptocurrencies excluding Bitcoin is around $1.12 trillion, reflecting the current bearish trend.
Disclaimer
This is news, analysis, and can be wrong or right! Remember, this is not financial advice.#NFPWatch #BTCReclaims110K #TrumpVsMusk #REX-OSPREYSolanaETF $BTC