According to BlockBeats and a report from Cointelegraph on August 12, Bitcoin's upward trend faces the risk of an early termination, with market expectations for a target price below $100,000 emerging. Traders, including ZAYK Charts, issued a warning in their latest market analysis on Tuesday that Bitcoin is in a prolonged 'Distribution phase'.
ZAYK Charts believes that Bitcoin could potentially fall to $95,000, a level not reached since early May. BTC has previously experienced a classic 'Mark-Up' phase from long-term lows, and is now entering the 'Distribution' phase, which is typically a reversal zone of an upward trend.
Since last November, the $92,000 to $95,000 range has been significant in Bitcoin's price movements, serving both as a support and resistance level amid intense market volatility.
Trader Mikybull Crypto described the recent drop after Bitcoin broke through $122,000 as 'ugly'. He noted that BTC has re-entered the previous consolidation range, with altcoins being the primary beneficiaries.
