šØ Bitcoin Price Surges Past $108,000 ā Analyst Predicts Imminent Crash (Hereās Why)
Bitcoin's bull run just hit ludicrous speedābut one analyst sees a cliff ahead.
The Setup: BTC blasted past $108,000 this week, leaving moonboys screaming 'generational wealth' and traditional finance dinosaurs muttering about tulips.
The Contrarian Take: 'This isn't sustainable,' warns a lone voice in the crypto casino, pointing to overheated derivatives and the fact Wall Street always finds a way to ruin good things.
Why It Matters: When Bitcoin moves, it drags the entire crypto market with itāmeaning altcoins could face even bloodier corrections if the king stumbles.
The Bottom Line: Whether this is the top or just a pit stop depends on who you ask. But after 15 years, one truth remains: Bitcoin loves proving everyone wrongāespecially the experts.
Why A Bitcoin Price Crash Is Imminent
In the TradingView analysis, the crypto analyst reveals the reason why the Bitcoin price could dump back downwards is because of mounting resistance. This is because, as the leading cryptocurrency moves toward new all-time highs, there is the possibility of a pushback before it is able to continue its rally.
In this case, the crypto analyst does expect the bitcoin price to keep rising. But they see a lot of resistance for the digital asset just above $109,000. More specifically, at $109,500, which is still a ways away from the $112,000 needed to create a new all-time high, the cryptocurrency is expected to meet new resistance and dump back downward.
This stiff resistance opens up an opportunity for market shooters to enter into the trade. According to the chart, it is possible for the Bitcoin price to actually move toward the low $100,000s. Currently, there is major support at $102,500, and if the digital asset does lose its footing, this is likely where the bulls will stage their recovery once more.
Sweeping For Liquidity At Lower Ranges
Another crypto analyst, Riscora, has supported this move with their own analysis, also predicting that a pullback is possible from here. This still boils down to mounting resistance as the bitcoin price moves toward the possibility of reaching a new all-time high, and budding liquidity rises at the lower levels.
The analyst explains that as liquidity has now been taken in the higher levels, after Bitcoin hit $108,000, there is bound to be a correction. This time around, they expect the correction to be much deeper given the recent bullish impulse move. The target from her sis a MOVE back into the $107,000 territory, before moving further downward to take on the $106,400 support.
Despite the expectation of a price dip, the analyst warns that the Bitcoin price remains overall bullish from here. As the crypto market ushers in the month of July, which is usually bullish for Bitcoin, it is possible that the cryptocurrency does put in a new all-time high this month, seeing as there is less than a 5% move left to beat its current $111,900 peak.
