Bitcoin’s recent price slump, plummeting from a high of $106,000 to $102,000 on June 20, has triggered a wave of sell-offs among investors. Colin, a renowned crypto analyst, has suggested that the leading cryptocurrency could potentially dip to a low of $92,800. He also shared his insights on what could transpire if BTC reaches this point.
In a recent post, Colin hinted at the increasing probability of Bitcoin revisiting the $100,800 level, which serves as the first significant support point. This prediction came as Bitcoin exited a bullish pennant for the second time, with a measured target of the pennant set at $150,000.
However, given the most recent downturn, Bitcoin is at risk of further decline before possibly reversing the trend. The crypto analyst suggests the next significant support levels below $100,800 are $97,600 and $92,800, from which a swift rebound is likely.
According to Colin, such a price trajectory is possible within the right shoulder of the larger inverse Head-and-Shoulders pattern, effectively balancing it with the left shoulder. This analysis followed his revelation of Bitcoin’s deviation from the global M2 money supply.
Despite this, Colin believes that the Bitcoin bull market has not concluded. He pointed out that such deviations occur 20% of the time and do not negate the overall trend. Essentially, Bitcoin’s price is set to rally higher, potentially hitting the $150,000 target. Market expert Raoul Pal echoed this sentiment, stating that the current price movements are not a cause for concern.
In a separate post, Titan of Crypto, another analyst, urged Bitcoin bulls to step up. He noted that Bitcoin, having been repelled at the Fair Value Gap around $106,000, is now retesting the lower boundary of the symmetrical triangle.
If this lower boundary at approximately $104,000 fails, the next level would be the previous weekly low at $102,679. If Bitcoin fails to maintain this level, it could further descend to the liquidity pocket near $100,300.
As of now, Bitcoin is trading at about $103,500, reflecting a decrease over the last 24 hours, according to CoinMarketCap data.
