Analyst predicts Bitcoin will fall to $108,000 and even $18,000
Crypto analyst BitcoinHyper believes that Bitcoin may face a bearish trend after breaking key support levels. Although a short-term rebound is possible, the overall outlook remains cautious. Traders should manage risk in a volatile market environment.
On the hourly chart, BTC price bounced off $112,700 several times, leading to short-term gains, with $114,800 acting as a key resistance level.
With a poet kriptovalyuta pulled back, maintaining intraday support. A bearish break of this support level could see the price plunge to $110,000, while a break above $114,800 could push it towards the next resistance at $116,500.
BTCUSD Hourly Chart. Source: TradingView
This week Bitcoin broke key weekly and horizontal support levels, confirming the downtrend on the hourly, 2-hour and 4-hour charts. The analyst’s ideal scenario is a short-term rally to around $119,000 due to a potential short squeeze that could liquidate the positions of traders betting against BTC.
After any rebound Bitcoin could go into a deeper correction to $108,000, and in the worst case — to $18,000 if a larger ascending wedge forms. Oversold indicators on the daily RSI and stochastic oscillator point to a temporary rebound, but the overall trend remains bearish.
Bitget chief analyst Ryan Lee believes that Bitcoin will trade in the $112 to $118 range as profit-taking and cautious market sentiment continue to weigh on the price action. Increasing leverage in the futures markets could increase volatility, making BTC susceptible to sharp swings.
Lee also believes that macroeconomic factors, including the Federal Reserve’s decisions, could influence the price direction. The market is currently reflecting a balance between the potential for a rebound and the risk of further correction, driven by structural demand and heightened speculative activity.
