Bitcoin’s Potential Price Drop Speculated

Crypto Trader suggests that Bitcoin (BTC) could fall to levels seen in early May. The trader, who goes by the name Donald, believes that Bitcoin’s price may weaken, particularly according to the readings from the daily time frame. His insights are shared with an audience of 66,500 subscribers on the TechnicalRoundup YouTube channel, where he follows Bitcoin’s fluctuations.

Donald indicates that Bitcoin might decrease by as much as 15% from its current value if it hits the support level that has remained stable since the cryptocurrency briefly reached a historical peak just below $112,000. He thinks, “If this support holds, it could pave the way for a rebound towards the $90,000 mark, somewhere between $98,000 and $101,000.”

He characterizes the recent rally, which peaked at around $111,800 last month, as a “false breakout,” based on the daily time frames. Donald points out that normally, effective breakouts do not revisit prior support levels. He reflects, “We didn’t fully retest those strong breakouts… this [around $112,000] feels a bit different. It’s been retesting, which signals a lack of momentum and urgency.”

Despite this, Donald notes a more bullish outlook for Bitcoin when considering higher weekly and monthly time frames. He comments, “The weekly time frame is solid, though perhaps not as bullish as the monthly one. I’d say, this is still a promising breakout. The monthly chart is quite strong, while the weekly is slightly less so, but that’s okay.”

As it stands, Bitcoin is trading at approximately $105,713.