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The Bitcoin price crashed from $ 106,000 to $ 102,000 on June 20, causing sales among investors. NOW, Crypto Colin analyst said the flagship crypto could still fall to $ 92,800 and revealed what will happen if BTC is coming there.
The current action of the price of Bitcoin and what to expect
In a X postColin said that it seemed more and more likely that the price of Bitcoin will see a retain of at least 100,800 as the first level of major support. The analyst made this statement when BTC abandoned A bullish pennant For a second time. The goal measured for this bull pennant is $ 150,000.
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However, with the most recent ventilation, the price of Bitcoin threatens to decrease more before any potential upward passage. Colin said that the following main levels Below $ 100,800, $ 97,600 and $ 92,800. He estimated that BTC is likely to rebound these levels of support quickly if it gets there.
The crypto analyst pointed out that this Bitcoin price movement is everything possible within the limits of the right shoulder of the largest inverse Head and shoulder. He added that this can make the right shoulder more complete, essentially at the same level as the left shoulder. This analysis one day after Colin revealed That BTC has deviated from the world money supply of M2.
However, he suggested that The bruising market of the BTC is far from over. The analyst noted that the gap occurs 20% of the time and does not invalidate the macro trend. Basically, the Bitcoin price is ready to rally at a given time and possibly achieve the measured target of $ 150,000. Market expert Raoul Pal also commented On the correlation of the BTC with the money supply, declaring that it does not show that there is no need to worry about the current price action.
Bulls must intervene for BTC
In a X postCrypto Analyst Titan of Crypto said bulls should now intervene for the Bitcoin Prize. He noted that BTC is faced with a key test, after being rejected away from the fair value at around $ 106,000. The analyst added that the flagship crypto now retains the lower limit of The symmetrical triangle.
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Crypto titan said that if this border less than about $ 104,000 fails, the following level would be the previous weekly low at $ 102,679. If the price of Bitcoin does not hold this level, it could still fall in the liquidity pocket almost $ 100,300.
When writing data from CoinMarketCap.
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