The Bitcoin price currently hovers at $110,843, a reflection of bearish pressure after multiple failures at breaking the $114,000 resistance level. The analysts warn that unless Bitcoin clears this level in the near term, short-term bounces are bound to be short-lived.
Following BitBull, the longer BTC remains pegged below this important level, the higher the chance of a larger correction. That is also the view of another well-known analyst, Mags, who predicts $108,000 as the range bulls must defend. If the price of Bitcoin falls below that, it could push toward sub-$100K levels.
Despite these risks, there are certain traders anticipating that the selloff would weed out weak hands before a Q4 rebound. Still, overall sentiment is weak, with ETF mania fading and liquidity evaporating in major exchanges. Unless bulls mount a vigorous defense in the near term, the price of Bitcoin could lead the crypto space into another cooling cycle.