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Bitcoin has shown remarkable resilience over the past few weeks, recovering from a dip to $92,000 and climbing back to $99,100. However, this recovery has raised concerns among analysts about a potential market correction, especially with Bitcoin's repeated failure to break past the $104,000 resistance level.
Bitcoin’s Recent Performance and Resistance Challenges
After weeks of bullish momentum, Bitcoin tested its support at $92,000 and quickly rebounded to $99,100. Despite this recovery, the $104,000 resistance level remains a significant barrier. Multiple attempts to break this level have failed, leaving traders uncertain about Bitcoin's short-term direction.
BTC/USD 4-hours chart - TradingView
Analysts Warn of a Potential Bitcoin Crash
While Bitcoin’s rise has excited many investors, analysts are sounding the alarm about a potential market correction. The rapid increase in price has led to concerns that the current trend may be unsustainable. A drop in trading volume could act as a trigger for a major downturn.
Short-Term Bitcoin Price Prediction
If trading volume continues to decline, Bitcoin could face significant price drops. Analysts predict the following support levels if a correction occurs:
- First target: $92,000 – Testing this strong support again.
- Second target: $88,000 – A deeper correction from current levels.
- Third target: $80,000 – A major bearish move that could signify the end of the current cycle.
BTC/USD 4-hours chart - TradingView