The post Bitcoin Price Prediction: Is BTC Price Gearing Up for a 10% Pullback? Here’s What You Need to Know! appeared first on Coinpedia Fintech News
The market conditions appear to have varied a bit as the bearish dominance is slowly outweighing the bullish impact on the Bitcoin price. The token, which briefly plunged below $100K, now appears to be due for another 5% to 8% pullback, which certainly cannot be a major red flag. After a strong rally, some cooling off is normal, and several signals suggest it may be on the way. Momentum is decelerating, trading activity is shifting, and investors’ sentiment is slightly more cautious.
In the times when the prices are still holding strong above key support levels, a dip around $92,000 to $95,000 could be considered a healthy correction. But the question arises whether this could give the market a chance to rest before the next move up, or will it lead to a deeper correction?
Long-Term Holders & Institutions Remain Optimistic
The external factors have been making a huge impact on crypto markets, especially on Bitcoin prices in recent times. With the war-like situation escalating, the risk assets have been facing the heat. Back in 2024, the BTC price experienced significant upward pressure for a week to 10 days, which resulted in a massive breakout ahead. Therefore, it is believed that the correction below $100K could be a massive bullish signal. This could be the reason that the long-term holders continue to accumulate more Bitcoin!
On the other hand, the price drop has not stopped the institutions from accumulating Bitcoin. As per the latest update, Metaplanet bought 1,111 BTC while a Florida-based investment firm, Cardone Capital, added nearly 1,000 BTC and plans to add more than 3,000 BTC this year. Coming to the ETFs, Blackrock accumulated over 11,000 BTC throughout the past week, while ~3500 BTC were mined. This suggests institutions are optimistic about the BTC price rally, which suggests greener days ahead.
Is Bitcoin Heading Back Below $100K?
The Bitcoin price has reached one of the crucial support zones after plunging by more than 8% from the recent highs above $110K. The current market conditions and the trade patterns suggest the selling pressure has not yet faded. Hence, a deeper correction could be on the horizon, with the levels dropping as low as $92,000 in the coming days.
As seen in the above chart, the BTC price is struggling to revive a strong upswing from the support zone; it has been stuck after the pullback. The Supertrend has changed to bearish, which could make the bullish divergence even more tedious, while the RSI is forming lower highs and lows, validating a bearish continuation. Overall trend of Bitcoin remains bearish technically, but a notable influx of buying pressure could nullify the bearish pressure.
However, considering the current market conditions, it appears unlikely, as the BTC price could be about to drop below $100K. There is support at $98,817, which was tested recently, and another visit could probably break it. This could pave the way for the token to mark new monthly lows at the lower support zone around $93,500. Therefore, the upcoming monthly close could be pretty bearish, which may attract new opportunities to enter.
