Bitcoin Risk Of Drop To $100K Raised, Altcoins Remain Soft

Key points:

Bitcoin bulls are attempting to sustain the price above $107,000, but the bears have continued to exert selling pressure.

The recovery in most major altcoins has fizzled out, indicating that the bears continue to sell on minor rallies.

Buyers have managed to keep Bitcoin (BTC) above the vital $107,000 support level, but the lack of a solid rebound suggests that the bears have maintained their pressure. The short-term uncertainty has divided the analysts on BTC’s next directional move.

Standard Chartered’s global head of digital assets research, Geoff Kendrick, told Cointelegraph that BTC remains on track to hit $200,000 by the end of 2025. Kendrick believes the investors will consider the recent sell-off as a buying opportunity, propelling BTC higher.

Crypto market data daily view. Source: Coin360

On the other end of the spectrum is veteran trader Peter Brandt, who sees similarities between BTC’s chart and the soybean market of the 1970s, which nosedived 50% after global supply exceeded demand. Brandt told Cointelegraph that BTC is forming a broadening top chart pattern, “famous for tops,” which could pull the price down to about $60,000.

What are the critical support levels to watch out for in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC rallied sharply on Tuesday, but the bears cut short the recovery attempt at the 50-day simple moving average ($114,137).

BTC/USDT daily chart. Source: Cointelegraph/TradingView

Sellers will try to strengthen their position by pulling the Bitcoin price below the $107,000 support. If they succeed, the risk of a drop in the psychological support of $100,000 increases. Buyers are expected to defend the $100,000 level with all their might because the failure to do so could start a new downtrend.

The first sign of strength will be a break and close above the $116,000 level. That suggests the BTC/USDT pair could remain within the $107,000 to $126,199 range for some more time.