Bitcoin is once again testing the patience of crypto traders. As a popular crypto analyst, Captain Faibik has shared a fresh warning about Bitcoin’s current price pattern. He says Bitcoin is stuck inside a Rising Wedge pattern and believes that BTC could soon drop below $100,000 if signs play out.
So, is a big drop coming?
Bitcoin Whales Selling BTC
Recently, Bitcoin’s price fell from its key support level of $118,000 and is now trading around $115,710, down about 1.9% for the day. One of the big reasons for this drop is that whales are once again shaking the market.
Meanwhile, Galaxy Digital reportedly sold 10,000 BTC worth about $1.18 billion and also withdrew $370 million USDT from exchanges. This large sell-off pushed Bitcoin down by 3% in just one hour and caused around $144 million in liquidations, mostly long positions.
When big holders sell during thin trading days, prices can slide fast.
Key Level to Watch: $113,000
According to Captain Faibik, Bitcoin must stay above $113,000 to avoid a bigger drop. If it closes below this level, the price could break down quickly. Many traders watch this level closely because it shows if the buying strength is still strong or getting weaker.
Faibik is not rushing to trade yet. He wants to see a clear daily close below $113,000 before making any move. This shows how careful smart traders are, they wait for solid signs instead of guessing what will happen next.
A Trap for Late Buyers?
Along with the wedge, Faibik also sees a Bearish PO3 on the daily chart. This is just another sign that the market could be tricking late buyers. Big players might push the price up just enough to trap people who buy late, and then drag the price down, sweeping away their money.
Even though daily trading volume rose 23% to $87.46 billion, it mostly shows whales taking profit and shaking out weak hands. New traders who jump in now might get caught in a trap for new traders who jump in too late might.
How Low Could Bitcoin Fall?
If Bitcoin breaks below the wedge, Faibik thinks the price could fall towards the $95,000 to $98,000 range. For some, this drop might look scary. But for patient traders, it could be a chance to buy Bitcoin at a cheaper price before the next move up.
