Bear Market Alert: Top Expert Claims Bitcoin Price Fate Hangs On $101,700 Support Level

The Bitcoin price showed some signs of recovery at the start of the week, trading above the $110,000 ￰0￱ uptick follows two consecutive Fridays of major drops, igniting fears and uncertainty among ￰1￱ concerns have been compounded by predictions from experts about a potential bear market on the ￰2￱ Bear Market Threat Market analyst Doctor Profit, known for his accurate forecasts regarding the recent Bitcoin price trajectory, has recently cast doubt on whether market makers will allow both retail and institutional investors to exit at more favorable prices after incurring ￰3￱ Reading: Dogecoin Price Moves: Can It Repeat The 36,000% Rally ‘Anomaly’ From Last Cycle?

In a social media post on X (previously Twitter), he suggested that the maximum bullish scenario for the Bitcoin price in the near-term could reach around $116,500, representing a 9% increase from its current levels. However, he emphasizes that a drop below $101,700 would breach what he terms the “magic bull market line,” effectively confirming a bear ￰4￱ advises caution, predicting a significant move that could push the Bitcoin price below this critical threshold, signaling the end of the bull ￰5￱ to the bearish sentiment, the Bitcoin price is currently hovering below the short-term holder realized price of $112,500. This figure represents the average entry point for short-term traders and buyers, many of whom are now facing losses.

On-chain data compiled by the expert also indicates that these traders are likely to sell off their positions if the Bitcoin price dips between 5% and 10%, potentially intensifying short-term selling ￰6￱ Times Ahead For Bitcoin Price Profit further elaborates on the market conditions, pointing out that current price movements are indicative of market makers liquidating both bullish and bearish positions. “Nothing goes down in a straight line,” he notes, suggesting that while the market could be in a bear market, it is essential to remain aware of short-term ￰7￱ argues that high-leverage traders must be wiped out on both sides before the market experiences its next significant downward ￰8￱ Reading: Is The Dogecoin Bull Run Over?

Analyst Sees Echoes Of 2021 The expert also warns that every brief rally is designed to mislead bullish traders and liquidate late bearish ￰9￱ market makers’ strategy appears to involve pushing Bitcoin toward the $116,500 region to eliminate late bears and generate sufficient liquidity for another downward price adjustment, potentially leading to new local ￰10￱ ahead, Doctor Profit predicts that such price movements will continue to recur in the coming weeks and months, creating a challenging environment for investors in the volatile digital asset ￰11￱ image from DALL-E, chart from ￰12￱