Bitcoin Must Stay Above $98K to Avoid Bearish Breakdown, Experts Say

Analyst Predictions: Nearing All-Time High?

On July 25, bitcoin (BTC) declined below $115,000, triggering the liquidation of millions of dollars in long positions. However, the price crash, seen as a sharp correction following last week’s all-time high, was short-lived. The top cryptocurrency reversed its losses to close the day above $116,000. It continued its gradual ascent into the next day, reaching a peak of $118,236 at about 5:30 a.m. EST on July 26, leaving it pretty much where it started the week.

Many analysts assert that BTC is preparing to test its all-time high, but before that happens, it might shed a few thousand dollars. Analysts at B2binpay argue that with the cryptocurrency having “swept the nearest liquidity zone around $115,700–$116,100,” it could be headed for a key range.

“[ BTC] is now entering an important range — the first one from which a reversal and upward continuation could occur. This key range lies between $115,365 and $111,945,” the analysts stated.

Since its ascent to $123,236 on July 14, BTC has found itself locked in a persistent struggle, repeatedly failing to breach the $120,000 barrier. This sustained resistance has prompted some market observers to issue warnings, suggesting that the bullish momentum has unequivocally capitulated to bearish pressures. The flash crash on July 25 only intensified these concerns, seemingly confirming the shift in market sentiment.

Key Support and Resistance Levels

Yet, in a counter-narrative, B2binpay analysts, in remarks shared with Bitcoin.com News, firmly contended that BTC’s recent pullback “isn’t something negative” at all. Far from signaling a downturn, they asserted that the price remains within a bullish range, a condition they maintain as long as the digital asset holds above the crucial $100,000 threshold.

“The price remains within a bullish trend and will continue to do so unless bitcoin breaks below and starts trading under $98,300. It would be reasonable to expect a potential pause in the $110,200–$106,000 area. However, in the current bullish environment (where bitcoin tends to reverse before reaching ideal correction zones), we can assume the next leg up might be just as aggressive as the previous one, skipping the discount levels altogether,” the analysts argued.

They predict that if bitcoin were to break through its all-time high, this could open the path toward $127,700. On the other hand, if a much deeper correction occurs and BTC does fall below $98,300, “the next major support zone will be between $89,500 and $85,400.” However, this would require a sharp 17% decline “to truly validate a bearish trend,” something they argue to be difficult in the current circumstances.