Amidst a cryptocurrency market consolidation phase, all eyes are on Bitcoin (BTC), with predictions of a potential drop to $107,000. This forecast is based on a thorough technical analysis in a bearish market context. Discover key signals to watch for savvy investors.
The Bitcoin price is currently down 1.5% over the last 24 hours, trading at $111,699 at the time of writing. Bitcoin could be heading toward its higher timeframe trendline at $110,500.
Subsequently, Bitcoin could move toward two key support levels at $109,500 and $108,500 if the $110,500 level doesn’t hold.
On the daily timeframe, Bitcoin remains far from major technical levels, making the daily close crucial for estimating market sentiment :
For experienced traders, this suggests that a wait-and-see strategy, based on the daily closing of Japanese candlesticks, remains preferable to anticipate what comes next.
In the medium term, trends remain uncertain, with neither camp (buyers or sellers) seeming to have decisive dominance. The low volatility confirms a sideways scenario (range trading) in the key zone of $110,000 to $114,000. This pattern could constitute an accumulation phase before a potential bullish breakout, typical of Bitcoin cycles.
Here are the levels to monitor in the coming days to refine your investment decisions :
Expert tip : Watch for bullish divergences on RSI and MACD, widely used in analyzing trend reversals on Bitcoin. Also monitor the Volume Profile to identify potential bounce zones and the FBB for supports and resistances.
The Bitcoin price forecast as of September 24 shows a fragile balance between buyers and sellers. For now, Bitcoin is showing concerning signs of weakness.
At this stage, BTC continues to evolve in a correction phase, making each move decisive for the remainder of the cycle. The main watchword for professional investors: strategic caution and technical discipline.
Bitcoin is the crypto that offers the lowest risk. In case of a correction, Bitcoin is chosen as a safe haven. Consequently, a rebound toward a new ATH could occur if BTC maintains this zone around $107,000. Here are the steps for a purchase with potential for nearly 30% rebound :
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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