Bitcoin Price Dip: Will BTC Hit $92,800? Experts Weigh In
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Bitcoin experienced a price drop from $106,000 to $102,000 on June 20th, triggering sell-offs. Crypto analyst Colin predicts a potential further decline to $92,800, viewing this as a possible retest of support within a larger inverse Head-and-Shoulders pattern. He anticipates a quick rebound from support levels at $100,800, $97,600, and $92,800, maintaining his bullish outlook for Bitcoin, suggesting a potential rally to $150,000. Colin notes that the recent price deviation from the global M2 money supply, while occurring 20% of the time, doesn't invalidate the long-term bullish trend. Market expert Raoul Pal echoes this sentiment, suggesting no need for concern over the current price action. Meanwhile, analyst Titan of Crypto highlights Bitcoin's rejection at the Fair Value Gap around $106,000 and subsequent retest of a symmetrical triangle's lower boundary near $104,000. Failure to hold this level could lead to further drops to $102,679 and potentially $100,300. Both analysts' perspectives showcase the ongoing debate and uncertainty surrounding Bitcoin's short-term price movements, despite a generally bullish long-term outlook.
(Source: https://www.newsbtc.com/news/bitcoin/if-bitcoin-hits-92800/)
