Bitcoin Faces 1.5% Drop, Analysts Warn of $100,000 Support Loss

A trading analyst has issued a warning that Bitcoin (BTC) could potentially lose its $100,000 support level and face further declines in the coming months if the bearish sentiment persists. According to Master Ananda’s analysis, a decisive break below $100,000 could pave the way for a drop towards the $88,888 and $82,500 range. This analysis, posted on June 22, suggests that Fibonacci retracement levels on the daily chart indicate that if Bitcoin falls through $100,000, it could quickly slide to around $88,000 at the 0.618 level, and potentially to $80,000 at the 0.786 level, areas where demand has historically appeared. The analyst noted that without buyer support at these levels, a rapid selloff could follow.

The bearish scenario hinges on whether Bitcoin can maintain its position above $100,000, which it has managed to do so far. If it does, a strong rebound remains the most likely outcome. The outlook also suggests that a quick drop to $80,000 would likely be short-lived before the uptrend resumes. The next two to three days are crucial in determining whether Bitcoin will stay supported or face further losses. If $100,000 fails, a move toward the $80,000 area might be achievable by early October.

Meanwhile, pseudonymous crypto analyst BitBull suggested that the current bearish mood might be a healthy reset for Bitcoin. According to BitBull, Bitcoin is testing a major demand zone between $100,000 and $103,500, where whales have been actively accumulating. This price range is highlighted as a key area of interest, serving as a strong support floor for the cryptocurrency. Despite market fears and an “everything is over” narrative, the expert noted that Bitcoin’s long-term outlook remains solid. Technicals show this demand zone has historically been a stronghold, and Bitcoin still looks promising in a broader time frame.

By press time, Bitcoin was trading at $102,284, down 1.5% in the past 24 hours and over 3% on the weekly chart. Moving ahead, bulls need to push the price back to $103,000 to open the door for a retest of $105,000. However, if Bitcoin loses the short-term support at $102,000, a drop below $100,000 looks increasingly plausible.