The recent decline in Bitcoin’s price, which fell to $103,605 due to continued closes below the $107,000 support, has alarmed cryptocurrency investors. The situation is even more dire for altcoin investors, who are facing deeper lows. In yesterday’s analysis, noted cryptocurrency analyst Roman Trading cautioned about the possibility of a more significant correction, raising concerns about how long this downtrend could persist.
Roman Trading’s Insights
Roman Trading warned those still in a bullish mindset, claiming that Bitcoin 
$82,774’s price won’t reach levels worth the risk over the past two quarters. He also stressed that the bullish trend of the last 1.5 years could potentially be lost.
The analyst’s bearish outlook stems from long-term charts showing bearish signals. Other analysts have also anticipated drops due to factors like the monthly MACD crossover, sharing their views on COINTURK.
“If you are still in a bullish trend, this is a crucial level.
If we lose the $98,000 support, we’ll lose about 1.5 years of bullish momentum and likely enter a bearish trend. All eyes are on the $98,000 level!
This is the 1W chart, allowing us to see the support level clearly.”
Reasons Behind Cryptocurrency Decline
The drop happens when sell orders aren’t sufficiently met by buyers. This situation can be triggered by numerous factors. The ongoing weakness is mainly attributed to long-term investors selling 400,000 Bitcoins over the past 30 days. Many investors, encouraged by historical data, believe there will not be a bigger peak after Bitcoin achieved its all-time high.
Certain historical constants like the time from the bear dip to the last peak or the post-halving duration indicate the time is now up. Despite weakened demand through the ETF channel, the disposition of 400,000 Bitcoins by long-term investors compels the Bitcoin price’s fall.
Nevertheless, Bitcoin continues to hover around six-digit levels. Should Bitcoin withstand the strong selling wave, a significant rally could be initiated with buyers returning. Conversely, long-term investors may accelerate their selling, causing Bitcoin to lose the $98,000 support.
