- Bitcoin’s price approaches its all-time high, with traders watching for signs of a breakout or reversal.
- A drop below $108,000 could spark a downward trend, risking over $2.6 billion in long positions.
- Some analysts remain optimistic that Bitcoin could surpass $111,970 and reach $116,000 in the near term.
- Current price consolidation differs from previous cycles, with unusual patterns noted by market experts.
- Longer periods of consolidation may shift Bitcoin’s historic four-year cycle behavior, according to research analysts.
Bitcoin is approaching its record price level, and traders are monitoring whether the cryptocurrency will maintain its momentum or reverse course. On Thursday, crypto analyst Daan Crypto Trades said Bitcoin is “attempting a breakout” and suggested that failing to stay above $108,000 could lead to a bearish trend.
The price of Bitcoin reached $110,498 on Thursday before dropping to $109,250, according to CoinMarketCap. That places Bitcoin about 2.5% below its all-time high of $111,970. Daan emphasized, “You don’t want to see this deviate back below $108K again at this point.”
Daan’s analysis indicates that if Bitcoin falls under $108,000—recently regained on Wednesday—the price could slide below $100,000, with potential lows at $96,000. He noted that any close around the $110,000 region would be favorable for an upward trend. A return to prices below $100,000 would result in the liquidation of roughly $2.67 billion in long positions, according to CoinGlass data.
Other analysts hold bullish views. Crypto analyst Miles Deutscher stated, “It’s very hard to be bearish here,” while trader CryptoFayz explained that breaking the current high of $111,960 could push Bitcoin toward $116,000. 10x Research‘s Markus Thielen told Cointelegraph this level could be reached before the end of July, crediting strong spot Bitcoin ETF inflows, uncertainty around the U.S. Federal Reserve, and a rapid decline in Bitcoin held on exchanges.
Daan also pointed out that Bitcoin’s present consolidation phase differs from earlier cycles. He said, “It is still following the same pattern where it stalls, deviates below, retakes the range and then grinds higher,” but added it is lacking a clear breakout. James McKay of McKay Research commented that extended consolidation could disrupt Bitcoin’s typical four-year cycle, stating, “The longer we have these periodic, multimonth consolidations, the more it’s going to take us off the beaten [path] with respect to the typical four-year cyclical behaviour.”
Bitcoin dropped below $100,000 only briefly in June during global tensions between Israel and Iran, touching $98,900. Further price declines could put more than $2.6 billion in bullish positions at risk of liquidation, as indicated by CoinGlass.
This article does not provide investment advice. Readers are encouraged to conduct their own research before making financial decisions.
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