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Bitcoin has been crashing with the advent of the new week, spurred on by uncertainties that surround the growing conflict in the Middle East. There has also been a lot of negativity in the crypto market, with expectations that the Bitcoin price will not make new all-time highs after failing to reclaim $111,000. Even as the market continues to bleed, crypto analysts are still predicting further crashes for the digital asset, with some expecting a break of the psychological level at $100,000.
Bitcoin Price Headed For Further Breakdown
Crypto analyst TehThomas had previously called the Bitcoin price crash from the $108,000 territory, suggesting that the digital asset still had to fill Fair Value Gaps (FVG) at lower levels before it could continue to soar. Then recently, the crypto analyst has once again reiterated his stance as the price had begun to fall back toward $100.000.
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Thomas explained that Bitcoin was already showing signs of exhaustion. Hence, the reason for the crash was due to a loss of $108,500. At this level, with the price failing to break out higher, it showed that the initial surge had been a takeout, and the right direction was actually downward. The initial bullish move was seemingly a way for an internal liquidity grab while clearing out breakout buyers at the same time.
Now, the Bitcoin price has broken below an important channel at $105,000 after a successful retest. The analyst explains that this aligns with the 50% equilibrium of the high-to-low range. Naturally, this means that the asset is still bearish and could continue to decline from here.
The main levels to watch were initially at $104,600, but the Bitcoin price had first broken below this level on Tuesday. Now, if the decline continues, then the next major level investors are looking at is the $102,800, where support now lies for the cryptocurrency.
Below $100,000 Is Still Possible
In addition to Thomas, crypto analyst Xanrox has also predicted further price crashes for Bitcoin. He points out that the formation of a bull flag does not mean the price will continue to rise, as the flag could very well break. If this happens, then the analyst sees the Bitcoin price dropping to $100,000.
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Unlike Thomas, Xanrox places his support levels at the much lower price of $88,000, which would suggest a major price crash from here. “When we look at the current price action, it looks like a bullish flag consolidation pattern,” the analyst said. “In this case we will probably see multiple liquidity sweeps below the previous swing lows to kick out early longs.”
Another analyst, Doctor Profit, has also turned bearish, predicting a decline below $100,000. In the X post, the crypto analyst said that the Bitcoin price is likely to fall to the $94,000-$95,000 level before seeing a bounce from there. Therefore, the analyst has told investors to prepare for more red candles.
Featured image from Dall.E, chart from TradingView.com
