Analyst Warns: Will Bitcoin Price Drop Below $100,000?
Bitcoin is testing the patience of crypto traders once again. Popular crypto analyst Captain Faibik has shared a new warning about Bitcoin’s current price pattern. He said Bitcoin is stuck in a rising wedge pattern and believes BTC could soon fall below $100,000 if signs appear.
So, is there a big drop coming?
Bitcoin Whale Sells BTC
Bitcoin price recently fell from the important support level of $118,000 and is currently trading around $115,710, down about 1.9% on the day. One of the main reasons for this drop is that “whales” have once again shaken up the market.
Meanwhile, Galaxy Digital reportedly sold 10,000 BTC, worth about $1.18 billion, and also withdrew $370 million in USDT from exchanges. This massive sell-off sent Bitcoin down 3% in just one hour and caused about $144 million in liquidations , mostly long positions.
When large holders of stocks sell on thin trading days, prices can fall rapidly.
Important Level to Watch: $113,000
According to Captain Faibik, Bitcoin must stay above $113,000 to avoid a sharper decline. If the price closes below this level, the price could quickly fall sharply. Many traders watch this level closely because it shows whether buying power is still strong or weakening.
Faibik is not in a rush to trade yet. He wants to see a clear daily close below $113,000 before making any moves. This shows how cautious smart traders are, waiting for solid signals instead of guessing.
A trap for late buyers?
Along with the wedge pattern, Faibik also sees a Bearish PO3 pattern on the daily chart. This is just another sign that the market may be fooling late buyers. Big players may push the price up just enough to trap late buyers, then pull the price down, wiping out their money.
Although daily trading volume increased by 23% to $87.46 billion , it largely shows that the “whales” are taking profits and squeezing out the weak. New traders entering the market now may be trapped by new traders who entered too late.
How low can Bitcoin price go?
If Bitcoin breaks below the support level, Faibik believes that the price could drop to around $95,000 to $98,000 . For some, this drop may seem scary. But for patient traders, this could be an opportunity to buy Bitcoin at a cheaper price before the price rises again.