Analyst predicts Bitcoin will fall to $100,000 and then jump up

Bitcoin (BTC) is showing signs of weakness, failing to break through critical resistance levels. In this regard, analyst Master Ananda suggests that the current bearish momentum may be short-lived, although further losses in the short term are not excluded.

According to his analysis on TradingView on August 20, Bitcoin’s failure to break above the $122,524 resistance level triggered a bearish double top signal, indicating the likelihood of a deeper correction in the short term.

Bitcoin price analysis. Source: TradingView

The next key level to watch is the 1,618 Fibonacci extension level at $102,077, which Ananda has identified as a major support target. And while $112,000 has provided temporary support, the analyst believes it is unlikely to hold given the current long-term chart structure.

The correction is expected to last for a few more days before Bitcoin will find support. Altcoins, which typically mirror BTC’s volatility, may also face short-term turbulence but are expected to recover quickly.

Despite the significant pullback, Ananda stressed that the overall crypto bull market remains intact.

A drop to $100,000 would mean Bitcoin is gaining momentum and would open the door for another strong growth wave. Make no mistake, the current dynamics are running their course.

 

Probably Bitcoin will fall for a few more days. Having consolidated at the minimum, it will recover in the long term. Altcoins will falter, but will also recover within a few days. This is a short-term event, cryptocurrencies will continue their growth. The bull market is not over yet. The best is yet to come, — the analyst wrote.

However, investor sentiment is decidedly bearish. Santiment data shows that Bitcoin’s ongoing correction has turned retail traders’ optimism into panic, pushing social sentiment to its lowest level since June 22.

Today Bitcoin trading in the $112,000-$113,600 range, down 1,8% over the past 24 hours and more than 7% over the past week.

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