Bitcoin dropped 11% from its $111K all-time peak as traders if key price levels do not hold and trade tensions keep rising, Bitcoin might fall to $ 97k.
Main Takeaways:-
- A bear flag pattern on the four-hour chart suggests that Bitcoin’s price could fall to $97,000.
- Traders say Bitcoin’s price could fall as low as $85,000 if important support levels, like $100,000 and the yearly open near $92,000, are broken.
Breakout Points Signal Move Toward $97K Target
Bitcoin’s price has created a classic bear flag pattern on the four-hour chart. This happens when the price moves up a little in a narrow range after falling sharply, usually meaning the price will continue to go down.
For Bitcoin, the bear flag started forming after the price hit a low of about $103,100 on May 31. The price stayed in this pattern over the weekend, often testing the lower support line of the flag.
The downtrend will be confirmed if the price falls below the lower edge of the flag at $104,800. If that happens, the price could drop to about $97,690, which is the expected target based on the size of the previous price drop.
Momentum tools like the Relative Strength Index (RSI) also support this idea. The RSI is at 44 now, which means the market still looks more likely to go down.
Traders Reveal Key Bitcoin Price Zones for June
According to Cointelegraph Markets Pro and TradingView, Bitcoin (BTC) has fallen 6.3% from its record high of over $111,000.
Bitcoin’s price increased by 11% in May, but now traders are unsure where it will go next. In the past, June has been unpredictable, with an average small loss of 0.3%.
According to crypto analyst Daan Crypto Trades, the key price levels to watch in early June are $99,600 (the middle range) and $108,000 (the old record high).
The trader said there is a good chance that any price move in the first week could reverse, especially if there are early signs of a change in direction around those key levels.
A chart shared with the post showed that if Bitcoin goes above $108,000, it could climb to its all-time high of $111,900. But at that point, it would likely face strong selling pressure and fall back down.
Likewise, if Bitcoin falls below $99,600, the price could drop further until it finds support around $97,600, which is the 200-day average level.
Analyst AlphaBTC said on June 2 that Bitcoin seems to have begun a bigger drop, which will probably continue into the second week of June.
The expert said that if Bitcoin breaks down from a ‘bear flag’ pattern on the four-hour chart, its price might fall to around $102,000. If it drops below that, the price could go even lower toward the yearly opening price, which is just above $92,000.
AlphaBTC asked, ‘What will happen around $92,000?’ They said if this level is a good chance to buy, Bitcoin might bounce back and start a strong recovery toward new highs.
On the other hand, if trade tensions keep getting worse, Bitcoin could fall even more, down to about $85,000, according to the chart below.
As Cointelegraph reported, Bitcoin traders are watching how the price ends each week and month to guess where it might go next. The important price points they are paying attention to are $100,000 and $97,000.
Read also:- Is $2K BNB the Next Big Move? DeFi and ETF Hype Build the Case
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.
