Altcoin Daily Forecasts Bitcoin Drop to $103K, Support at $97K

Analysts are expressing caution as retail bitcoin traders show significant fear following the recent crypto market decline. Altcoin Daily suggests that bitcoin could test its 50-week moving average near $103,000, while analyst Omkar Godbole identifies the first support level at approximately $97,000. Recent trading activity has seen volumes increase by 60.5% above the weekly average as long-term holders sold around 325,600 BTC, marking the largest monthly sell-off since July. Bitcoin prices are currently compressed in a range between $107,000 and $108,000, with resistance levels observed at $111,650 and $113,600. The surge in social media discussions hinting at sub-$100,000 prices indicates heightened retail fear, which often precedes market reversals. If bitcoin manages to reclaim levels above $111,650, the next targets could reach $115,800 to $117,500. Conversely, breaking below $107,400 could lead to further declines towards $102,000 to $104,000, areas noted for prior accumulation. Traders are advised to observe price movements carefully as a tight range suggests traders await clearer signals before committing to more significant positions.

Source 🔗