Bitcoin (BTC) fell to $111,000 in Monday’s crash, but rose to $113,000 today.
But neither the bull nor the bear were able to establish a clear trend, so investors wonder if another decline is imminent as the historic bullish month of October approaches.
At this point, market participants are predicting new declines in BTC prices before actual recovery occurs.
Therefore, Crypto analyst Ted Pillows said in his latest analysis from his X account that there will be a final wave of decline before the rise as he is waiting for the enormous $17.5 billion option to expire.
Analysts said the ultimate decline in Bitcoin could be up to $107,000.
Analysts recently predicted that Bitcoin will start to rise after bottoming in September.
“Bitcoin usually bottoms in September.
In just two days, the $17,500,000,000 Bitcoin option expires with maximum pain of up to $107,000.
Historically, BTC moves towards maximum pain during such a great degree of satisfaction.
I think there’s a big drop before the turnaround. ”
Meanwhile, popular investor Bitbull said it follows the same pattern that Bitcoin drew in the first quarter of 2024, with the price likely falling to $103,000.
“Bitcoin has done the same thing in the first quarter of 2024. The long-term trend is still upwards, but we’re seeing a fix. At this point, you won’t be surprised to see Bitcoin retesting its $103,000-$105,000 level.”
*This is not investment advice.
