Bitcoin may fall to $104K before bull market resumes

Crypto analysts are predicting a possible final flush of Bitcoin to around $104,000 before a potential bull market restart. This projection is based on historical support patterns and current market leverage concerns. The critical support level to watch is the 50-week simple moving average (SMA), estimated at about $102,500, which has proven reliable throughout the recent bull market beginning in mid-2023. Analysts, including 'Sykodelic', believe this drop is likely, as the market often experiences its greatest fear just before a turnaround. Furthermore, there’s a large liquidity cluster near $104,000. Other analysts, like 'Negentropic', anticipate this scenario as part of a wider price correction driven by profit-taking and macroeconomic pressures. Despite these short-term retracements, experts, including Nick Ruck from LVRG Research, remain optimistic about the underlying fundamentals supporting a subsequent resurgence in the market. Currently, Bitcoin is hovering around $108,000, facing resistance levels after a brief spike to $113,000, suggesting consolidation before any major movement.

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