Bitcoin Drops 23% in 18 Days, Analysts Predict $100,000 Revisit

Bitcoin (BTC) has experienced a significant downtrend since February 21, with its price dropping by 23% in less than 18 days. Despite this bearish trend, a seasoned trader and analyst has outlined an ideal scenario for a Bitcoin price bottom and a subsequent bullish reversal that could lead to a revisit of the $100,000 mark.

The analyst, known as RektProof, who turned an initial investment of $500 into nearly $360,000, suggests that Bitcoin's price is likely to form a bottom in the high time frame demand zone, which extends from $73,000 to $65,000. This implies that another leg down is expected after the recent local high of around $83,000 is swept.

RektProof's analysis is based on the recent 21% price swing between February 28 and March 2, which ranged from $78,200 to $94,984. The analyst predicts that a sweep of $78,200 into the high time frame demand zone could trigger a rally that revisits approximately $95,000. However, from a long-term perspective, RektProof expects a dip into the high time frame demand zone to act as a bottom, leading to a new all-time high of $130,000.

Another analyst, CNO, suggests that the bottom has not yet been reached and that the market is still hedged for further downside. This prediction is based on options data that measures the call and put options pricing over time to gauge market sentiment and potential price direction. CNO warns that there might be another flush to the downside before Bitcoin's price reenters the $85,000 to $95,000 range.

CNO also highlights that this potential downside move could be catalyzed by the upcoming blood moon lunar eclipse, which is expected to heighten volatility in crypto markets, including Bitcoin's value. Overall, the combined analysis from these two experts suggests another temporary downside move that could lead to a bottom formation before Bitcoin's price targets $100,000 or a new all-time high at $130,000.