Bitcoin price risk drops to $92,000 as it enters the accumulation phase

Bitcoin has shifted to a 下行 trend after reaching a new all-time high above $111,000 in May. This change was anticipated before the bullish rally allowed Bitcoin holders to realize massive profits, indicating the risk of take profit could lead to a significant price drop. So far, the price has fallen 6% from its all-time high and is trending at $104,000 at the time of writing. But as the bears take control, it's likely that the decline is not over yet and this cryptocurrency could drop below the 6-figure mark again. The pathology of Bitcoin's all-time high An anonymous analyst nicknamed Youriverse on the TradingView website explained the price movement of Bitcoin over the past few weeks and why the market has been fluctuating in such a way. According to his explanation, Bitcoin has exhibited what is known as textbook accumulation since the bullish trend began in the second week of May. This accumulation is part of the reason why this cryptocurrency has risen to new all-time highs. At this time, cryptocurrency analysts reveal that the price of Bitcoin has witnessed tighter compression as it reached lower levels and resistance remains relatively flat. Additionally, selling pressure has shaken the price of Bitcoin over the past few months due to Donald Trump's tariff war, which has also weakened at this point, helping buyers take control of the price. The result of this is a potential 'Strength of 3', which the analyst explains includes Accumulation, Manipulation, and Distribution. All three of these factors together are part of the reason why the price of Bitcoin has started to rise. The resulting rally saw an initial push towards the previous all-time high, and then, there was a push to a new all-time high above $111,000. However, the price action weakened before Bitcoin could break the $112,000 level. Due to the gradual increase and decrease in pressure, the reversal is inevitable and the price of Bitcoin has dropped to the previous support level of 106,000 dollars. However, this support level could not hold as it has since broken below this level, signaling "a significant change in market structure."

Why could it fall to 92,000 dollars The analyst explained that the 'Power of 3' may be happening right now, and this could cause the price to fall further as larger investors pour money into the less savvy retail crowd. Moreover, as the Bitcoin price continues to trend below the $106,000 support level for longer, this increases the likelihood that the price could fall even deeper. "The rejection on the ATH and the subsequent breakdown below $106,000 has created significant overhead supply, which could act as a drag in the near term," the analyst said. With this, he predicts that the price of Bitcoin could fall back to the $100,000 level and even down to a low of around $90,000. But if this happens, instead of triggering a bearish trend, it could mean an opportunity to buy, as this area may attract more liquidity and serve as a bounce point for another bullish move. "This potential pullback should not be seen merely as a sign of weakness," the analyst stated. "In many bullish cycles, such corrections and liquidations serve to eliminate excessive leveraged positions and reset sentiment, ultimately laying the groundwork for a new bullish momentum."