Bitcoin has dropped below $100,000 due to a Wyckoff Distribution pattern suggesting a potential decline to $86,000. Analysts believe the bull market will continue if the $94,000 support level holds. The technical breakdown strengthens the case for prolonged selling in the Bitcoin market. Wyckoff model warns of a drop to $86,000.

BTC’s recent structure resembles the classic five-phase Wyckoff Distribution, indicating the possibility that the Bitcoin bull market may be over. The price surge above $122,000 marked the Buying Climax, followed by failed attempts to create higher highs. The recent drop accelerated the decline, with $86,000 as the primary target.

Global risk aversion, driven by fears of the Federal Reserve not cutting interest rates in December, led to Bitcoin’s bearish shift. The US government shutdown affected access to key economic data, causing uncertainty and impacting risk assets. Bitcoin’s broader uptrend remains unless it falls below $94,000, according to CryptoQuant CEO Ki Young Ju.

Bitwise CEO Hunter Horsley suggests that Bitcoin may have been in a bear market for almost six months and is now nearing the end of it. He believes the setup for crypto has never been stronger. This article does not provide investment advice or recommendations, and readers should conduct their own research before making decisions.

Read more at Cointelegraph: Bitcoin Bull Run ‘Might Actually Be Over’ as Wyckoff Points to $86K