Bitcoin price is down by more than four percent in the last 24 hours and is trading below the $98k mark at the time of writing. Analyst Crypto Capo recently said that the market might see a 5 to 15 percent drop soon and said that that could be a great ‘buy the dip’ opportunity. Many are still wondering if BTC has topped or not. Bitcoin hit a high of $102,712 on January 7 and then hit a reverse, erasing the gains.
The latest price action continues to raise questions about Bitcoin’s next big move. Despite recent pullbacks, the current trend remains upward, with Bitcoin holding above key support levels. While the recent corrections have been minor and appear part of a larger ongoing uptrend, the potential for new all-time highs, around $130,000 or more, remains intact.
Bitcoin’s recent move has pushed the price past important levels, like $100,800, indicating short-term bullish momentum. However, the analyst said that any break below $100,590 would signal a deeper correction, and falling below $100,220 would increase the likelihood of a significant price drop.
While it’s possible Bitcoin could see one more push higher before correcting, the current pullback is being closely monitored for signs of a potential reversal. For traders, a break below the mentioned levels would be a signal to watch closely, as it could suggest a larger bearish phase, with potential support near $93,600.
Conclusion:
BTC has shown signs of strength with an aggressive upward move over the past days, invalidating one bearish scenario. A break above key resistance levels suggests the possibility of further price gains. However, a potential correction could still be on the horizon, as Bitcoin’s price might face challenges before confirming a sustained uptrend.
