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- Bitcoin (BTC) struggles to recapture a crucial resistance level as major market indicators suggest another pullback to $105k.
- BitMine’s Tom Lee and Standard Chartered analysts, however, maintain their prediction that BTC could hit over $200k this cycle.
Bitcoin’s (BTC) recent nosedive from its monthly and all-time high price of $123k to a daily low of $113k has been accompanied by a decrease in trading volume (9% fall) and a decline in market momentum.
According to CoinMarketCap data, Bitcoin has also witnessed a fading market dominance of 60.7%, but is still leading the total share by a significant margin.
Bitcoin Price Analysis: A Breakdown or a Breakout?
At the time of writing, Bitcoin had recorded a 0.46% surge on its daily price chart to break above $114k to recapture the $115.5k resistance level. According to analyst Mark Cullen, Bitcoin could likely set up a bullish structure to target a new all-time high. However, this is subject to a decisive move above the $116k zone, as indicated in our earlier news brief.
Conversely, analyst Ali Martinez expects a short-term breakdown to $112k, $111k, and $100k. According to Martinez, the price of Bitcoin usually loses about 20% to 30% of its value whenever the Relative Strength Index (RSI) drops below the 14 SMA. If history is anything to go by, then the price could fall to as low as $95k.
Our research shows that these are not the only analysts who are currently bearish on Bitcoin. Another renowned trader called CryptoMe has also pointed out that three key indicators are currently suggesting a decline to the $105k and the $106k range.
Per his analysis, the Short-Term Holder (STH) points at $105,350 while the UTXO Cost Basis Histogram and the “1-3 Month Holder realized price” suggest $105,644 and $106,000, respectively.
As noted in our recent news coverage, Bitcoin has historically “printed losses” in August and September in the last eight out of 12 years. Based on the current market conditions, 2025 may be no different.
Echoing similar sentiment, researcher Axel Adler Jr cautioned that any slight negative factor could force the market into serious liquidation. His reason is that the futures price bearishness is still hovering around -5.2% despite peaking at -7.5% on July 29.
More Experts Opinion
Crypto firm Hyblock Capital has also disclosed that whenever the Open Interest (OI) approaches a frothy level in the chart below, the underlying asset records a local top and correction when an Extreme Greed accompanies this in the Fear and Greed Index. Per its latest post, a similar scenario is playing out again.
As detailed in our last analysis, trader Michael Van de Poppe cautioned that traders keep an eye on $109k. In any pullback, this level could also act as crucial support and a point for a rebound.
Nevertheless, several other market experts remain hopeful of another explosive run this cycle. According to BitMine chairman Tom Lee, Bitcoin can still hit $200k or even $250k before the end of the year. This aligns with Standard Chartered’s prediction, which was previously reviewed by CNF.
For 10x Research’s Markus Thielen, $160k is more realistic. As highlighted in our recent publication, Weiss Crypto analyst Juan Villaverde also expects Bitcoin to reach a major high in late November.
