Potential Bitcoin Price Crash Warning
Crypto analyst Rekt Capital has issued a warning about a possible decline in Bitcoin prices after the cryptocurrency dipped below crucial resistance levels. Analysts are also pointing out the specific price point Bitcoin needs to reach to mitigate this bearish trend.
Bitcoin Prices in a Risky Position
In a recent post on X, Rekt Capital noted that Bitcoin closed below its last significant weekly resistance of about $108,890. He mentioned that early low high tolerances might form around $107,720, making Bitcoin vulnerable to a crash. Additionally, he emphasized that Bitcoin must reclaim the $108,890 mark for daily support.
Previously, Rekt Capital discussed how critical it was for Bitcoin to close above this resistance. He remarked that since this level wasn’t achieved, if it had occurred last week, it would have signified a “historic” moment, possibly setting Bitcoin on a path towards a new all-time high.
Currently, it seems Bitcoin is struggling to maintain a position above $107,720. Although it reached a daily high of $107,970, it has since fallen and faces the risk of dropping below the important $106,800 level. Fellow analyst Kevin Capital warns that if Bitcoin remains under this threshold, it could find itself in a precarious situation.
On another note, Rekt Capital has suggested that, according to historical cycles, Bitcoin may still have some time left in this bull market. In a post on X, he indicated that history implies Bitcoin could conclude its rally within the next two to three months.
Bitcoin Still Has Potential
Despite the recent downturn in prices, a prominent crypto analyst has asserted that Bitcoin still possesses potential for growth. He noted that the weekly market structure continues to show strength with a sequence of higher highs and higher lows, adding that the relative strength index (RSI) is moving toward a trend line.
His accompanying charts suggest that Bitcoin prices could surge to around $140,000 between September and November. Another analyst, Stockmoney Lizards, has recently predicted that Bitcoin might hit $145,000 by September. He pointed out the formation of Dojis on the current corrective channel, suggesting a bullish outlook for Bitcoin.
As of now, Bitcoin is trading at approximately $106,800, based on data from CoinmarketCap over the past 24 hours.
