According to the report, the maximum decline is expected to be limited to around 10%. On the 7th (local time), Bitcoin rose to an intraday high of $111,369, reaching a weekly low of $1,000.
BTC/USD rose about 1% on the day to $111,369, according to data from Cointelegraph MarketsPro and TradingView.
The correction occurred after the release of US macroeconomic data, but the fact that buying forces held the $110,000 support line is being seen as a positive signal.
Cryptocurrency trader and analyst Michaël van de Poppe
Poppe said on X, "It's positive that BTC has made a new higher low and maintained support at $110,000."
"A breakout above $112,000 could signal a full-blown bull market," he said. Traders were reportedly divided on the short-term price direction.
"Failure to break out of $112,000 could lead to new lows," said cryptocurrency trader Cipher X, adding that Crypto Tony
Tony gave a more definitive scenario: "If it breaks through $113,000 it will hit a new low, if it fails it will fall to $100,000."
Trader TurboBullCapital is a 50-day and 200-day simple mover.
He pointed out that attention should be focused on the SMAs of $115,035 and $101,760, respectively.
"A loss of $107,000 would put the downside target at $101,000, which would be the MA200.
According to a long-term analysis based on Fibonacci retracement levels, in the worst case scenario, Bitcoin could correct by about 10% before rebounding near $10,000.
Popular trader ZYN said, "BTC usually bottoms out at the 0.382 Fibonacci level," adding, "This level is currently around $100,000, and in the worst case scenario, it could fall 10% to over $150,000."
"There's a chance of a 50% rebound," he said.
2025/09/08 15:12 KST
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