The price of Bitcoin (BTC) is still stuck below US$ 100,000, and some analysts warn of the possibility of further decline. Although many investors hope that the price will rise again, Bitcoin is still facing strong resistance and showing bearish technical signals that can cause a deeper decline.
Launched from finbold.com, a crypto analyst named R. Linda, mentioned that Bitcoin is currently struggling to return to the main resistance level. In an analysis shared through TradingView on February 8, he explained that Bitcoin did not succeed in breaking through the US$ 97,200 area, the price could drop to US$ 90,000.
Bitcoin Has the Potential to Experience Another Decline
Currently, Bitcoin is in the consolidation phase, and moves between US$ 95,800 to US$ 100,200. Analysts call this pattern as a pre-breakdown pattern, which means there is a possibility that the price will fall further.
Linda explained that Bitcoin could fall to US$ 90,000. If viewed technically, he said that Bitcoin may continue to decline to US$ 90,000, where the selling pressure is getting bigger. However, there is also a possibility that the price will bounce temporarily to US$ 100,200 before continuing its decline.
What Can Affect the Movement of Bitcoin?
Many factors affect the current movement of Bitcoin price. One of them is uncertainty in the market, especially related to policies and regulations in the United States.
Although President Donald Trump is known as a crypto supporter, Bitcoin is still unable to break through the record high of US$ 110,000. Analysts assess that this happens because many expectations have not been met, such as:
- Clarity of regulation related to crypto assets.
- Greater institutional support.
- Better market stability.
On the other hand, the current condition actually shows a decrease in liquidity, market manipulation and geopolitical uncertainty, which further reduces investor confidence in the crypto market.
Is There Still an Opportunity to Increase?
Despite many bearish predictions, some analysts are still optimistic. In a post on X on February 9, a crypto analyst on social media X named Captain Faibik stated that Bitcoin could still reach a new record high at the end of February or early March, as long as the price remains at US$ 96,000.
According to the analysis, the ascending broadening wedge pattern is still visible on Bitcoin's daily chart. If this pattern persists, there is a possibility that Bitcoin will rise to US$ 120,000 in the next few weeks.
In addition, a crypto analyst named Ali Martinez also said that Bitcoin still has a bullish prospect, as long as the price remains above US$ 92,800. Based on the MVRV Extreme Deviation Pricing Bands indicator, this level is important to maintain the uptrend.
If Bitcoin can stay above it, then there is a chance to retest the US$ 100,000 level. However, if it falls below US$ 92,800, the risk of decline will be even greater.
When this news is written, Bitcoin is traded at US$ 96.476. This main crypto experienced an increase of 0.7 percent in the last 24 hours, but still dropped more than 2 percent in the last week.
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