Bitcoin's price plunged from $106,000 to $102,000 on June 20th, triggering a wave of investor sell-offs. Crypto analyst Colin now suggests the flagship cryptocurrency could still drop as low as $92,800—and reveals the potential consequences if BTC reaches this level.
Current Bitcoin Price Trends and Projections
In a recent X post, Colin indicated that Bitcoin's price is increasingly likely to retest $100,800 as its first major support level. This analysis came after BTC broke below a bullish triangle pattern for the second time. The original bullish triangle had projected a $150,000 price target.
With recent declines, however, Bitcoin's price threatens to slide further before any potential recovery. Colin identifies three critical support levels below $100,800:
- $97,600 (Intermediate support)
- $92,800 (Strong foundational support)
The analyst believes a rapid rebound could occur if BTC reaches these support zones.
Technical Patterns Forming
Colin observes that Bitcoin's price action might be forming the right shoulder of a larger inverse head-and-shoulders pattern. This would complete the right shoulder at approximately the same level as the left shoulder, creating symmetry.
This technical analysis follows Colin's earlier revelation that BTC had decoupled from the global M2 money supply—a rare occurrence happening only 20% of the time. Nevertheless, he maintains that Bitcoin's bull run remains intact, noting that such deviations don't negate long-term macro trends.
👉 Why experts remain bullish on Bitcoin's long-term prospects
Market Sentiment and Key Levels
Crypto analyst Titan of Crypto emphasizes that bulls must now step in to support Bitcoin's price. Key observations include:
- BTC recently faced rejection at the $106,000 fair value gap
- The cryptocurrency is retesting the lower boundary of a symmetrical triangle
Critical support levels to watch:
- $104,000 (Triangle boundary)
- $102,679 (Previous weekly low)
- $100,300 (Liquidity pocket)
As of writing, Bitcoin trades around $103,500, showing a 24-hour decline.
FAQs: Understanding Bitcoin's Price Movement
Q: How low could Bitcoin's price drop?
A: Analysts identify $92,800 as a strong potential bottom if current support levels fail.
Q: Is the $150,000 price target still valid?
A: Yes—analysts consider this a longer-term possibility despite short-term volatility.
Q: What's causing Bitcoin's current price decline?
A: A combination of profit-taking, macroeconomic factors, and technical pattern formations.
Q: When might Bitcoin recover?
A: Potential rebound scenarios include holding $100,800 support or bouncing from lower levels like $92,800.
👉 Learn how to navigate crypto market volatility like a pro
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