- Bitcoin could test the $100,000 – $102,000 1W 50SMA.
- This could trigger a bullish or bearish reaction.
- A large liquidity cluster sits at $104,000.
As the price of the pioneer crypto asset, Bitcoin (BTC) , continues to trade in the $108,000 price range, analysts debate over the possibilities of where the price of BTC will go next. AT the moment, the price of BTC is expected to go bullish or bearish, and analysts are divided on that front. Presently, Bitcoin could test the $100,000 – $102,000 1W 50SMA as a liquidity cluster sits at $104,000.
Bitcoin Could Test the $100,000 – $102,000 1W 50SMA
Sentiments for BTC to hit a new ATH are not as high as sentiment for BTC to drop to 5-digit prices in the coming weeks ahead. Ever since the $20 billion liquidation event, the crypto community has been debating whether to expect bullish or bearish reactions from the crypto market and the price of BTC. At the moment, several analysts are sharing indicators suggesting either possibility could play out.
During the $20 billion liquidation event, the price of BTC fell from $121,000 to $104,000 in one fell swoop. This largest single-day liquidation event occurred within one hour, wiping out all long and leverage trades and sending some promising altcoin prices falling between 50% and 90%, with some even going to zero. Despite the dump, some analysts remained hopeful, as they saw the liquidation as a reset for the crypto market.
A reset market could go in a bullish or bearish reaction, but the following continued slow and sideways movement suggested the price of BTC would likely see falling prices rather than rising prices over the coming weeks. Currently, bearish analysts believe the price of BTC will continue to decline until it hits 5-digit prices and trigger a bear market, which falls in line with the 4-year bull cycle pattern .
Liquidity Cluster Sits at $104,000
In contrast, bullish traders believe the price of BTC will dip to certain price levels to unlock trapped liquidity, which in turn will push BTC prices back to higher ATH prices. Many analysts expect one final BTC pierce pump to a higher ATH price before relinquishing dominance to altcoins and finally allowing the long-awaited and highly anticipated bull cycle’s altseason to kick off.
As we can see from the post above, this reputed crypto analyst says that BTC could test the $100,000 – $102,000 price range, which is the 1W 50SMA. This level has acted as the bull market support SMA since the $20,000 price range. Lastly, he states that right now, there are still traders who have 50x leverage positions in long trades, leaving a nice liquidity cluster at the $104,000 price range.
