Bitcoin must stay above $108,000 to avoid bearish trend, analysts predict potential uptrend to $116,000.

Bitcoin is nearing its all-time high, with a drop to $108,000 risking a bearish trend, according to a trader. Long positions worth $2.67 billion are at risk. Analysts predict an uptrend, with potential to reach $116,000. Consolidation looks different this cycle, missing a breakout and continuation pattern. Source: CoinMarketCap.

If Bitcoin falls below $100,000, $2.67 billion in long positions could be wiped, according to CoinGlass data. Another drop to $99,445 would put $2.7 billion at risk. Analysts remain bullish on Bitcoin, with expectations of reaching $116,000 by end of July due to various factors. Source: CoinGlass.

Bitcoin’s current consolidation phase differs from previous cycles, lacking a clear breakout pattern. Analysts believe prolonged consolidation periods may impact the typical four-year cyclical behavior of Bitcoin. Traders remain optimistic about Bitcoin’s potential to break its all-time high and continue its uptrend. Source: CoinTelegraph.

Read more at Cointelegraph

1. Cointelegraph reports that Bitcoin has reached a new all-time high, surpassing $60,000 for the first time ever.
2. According to Cointelegraph, Ethereum has also seen a surge in price, hitting a new record high of $2,100.
3. Cointelegraph reveals that the total market cap of all cryptocurrencies has exceeded $2 trillion.
4. Cointelegraph highlights a study showing that institutional investors are increasingly interested in cryptocurrency as a hedge against inflation.: Bitcoin Must Hold $108K to Prevent Bearish Reversal: Trader