The recent decline in bitcoin prices raised eyebrows between market analysts, with one of the prominent figures that the leading cryptocurrency may face a significant decrease towards the mark of $ 90,000 in the coming months.
With the opening of Bitcoin the month officially decreased to less than critical support levels, the market reaction remains lukewarm, indicating that many investors have not yet realized the intensity of the situation completely.
The last defense line in BTC
In a conversation mail On X (formerly Twitter), the most prominent Market Doctor Profit analyst associated with different pregnant women’s groups: $ 115,600 for one million holders, $ 113,600 for $ 3 million, and about $ 107,000 for 6 million holders.
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Bitcoin was also traded below all these thresholds earlier on Monday, Doctor Profit indicated that every modern buyer is currently facing unrealized losses. However, he warned against explaining this panic as a sign of stability.
According to him, “These investors have not yet tasted enough fear,” which indicates that market makers may continue to drop prices until real surrender occurs.
The analyst confirmed that the $ 107,000 region to 108,900 dollars represented the last strong defense line for Bitcoin. If this level fails to keep it, a rapid movement expects a range of $ 90,000 to $ 95,000.
Currently, the leading cryptocurrency in the market has recovered more than $ 109,000. It is circulated over the last line of support, which prevents the analyst’s scenario with an additional price of 17 % for Bitcoin towards the Chicago Mercantile Exchange (CME) that is just over $ 90,000.
September monthly difficult for Bitcoin
Dr. Rabeh also argued in his analysis that the current market morale is characterized by the least amount of fear and an unrealized loss of only 0.5 %, especially when compared to the most important corrections of 30 % or more in historical bear markets.
He believes that the lack of panic among the cryptocurrency holders indicates that many of them are still very comfortable, which may pave the way to correct the most severe market.
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What increases the complexity of matters, Doctor Profit referred to the last behavior of those familiar with companies in the stock market, where more than 200 alleged internal trades occurred, with no one purchase.
If the informed choose to empty their shares during a period of apparent force, the analyst confirms that this activity can predict a similar sale in Bitcoin and the broader cryptocurrency market.
While the market makers seek to take advantage of this development, Doctor Profit warns that these entities are likely to apply the pressure until a large part of the traders in the short term is forced to sell at a confusion.
Doctor Profit concludes by noting that the real pain of Bitcoin owners will still come, expecting that September will be particularly unfamiliar with the market turning from denial to a more painful reality.
Distinctive image from Dall-E, Chart from TradingView.com
The post If This Key Support Fails, Bitcoin Could Plummet To $90,000, Warns Leading Analyst first appeared on Investorempires.com.
