Bitcoin Price Pattern Hints At $100,000 Target – Here’s Why
Bitcoin Price Pattern Hints at $100,000 Target – Here’s Why
Summary: Bitcoin (BTC) recently faced a key technical rejection, signaling a potential drop toward the $100,000 level, according to prominent market analysts. Despite an uptick earlier in the week, the cryptocurrency remains stuck in a consolidation phase, struggling to hold meaningful gains.
Technical Breakdown Points to Potential Downside
Bitcoin faced a sharp rejection after rallying to $106,000 on June 20, returning to the $103,157 level, according to popular analyst Titan of Crypto. The rejection occurred at a Fair Value Gap (FVG)—a price inefficiency zone—highlighting Bitcoin’s failure to sustain bullish momentum.
The FVG sits within a larger symmetrical triangle pattern, a well-known indicator of market consolidation that often precedes a decisive breakout or breakdown. In this case, the price action has pierced the lower boundary of the triangle, suggesting a possible bearish continuation.
According to Titan of Crypto, the next key support lies at the previous weekly low of $102,679. If that level fails to hold, Bitcoin could test the psychologically significant $100,000 price point in the coming sessions.
Bitcoin Network Activity and Market Sentiment
While technical patterns suggest a potential drop, underlying network data paints a more nuanced picture. Blockchain analytics firm Sentora reported a 105.8% rise in Bitcoin network fees over the past week—a reflection of increased transaction activity and user engagement.
Additionally, crypto exchanges recorded a Bitcoin outflow of $2.06 billion, signaling strong investor confidence as funds move off exchanges and into long-term, self-custody wallets.
Bitcoin Price and Volume Update
At the time of writing, Bitcoin is trading at $103,402, marking a 1.88% daily decline and a 7.02% loss over the past month. However, trading volume has surged by 38.31% to $50.14 billion in the last 24 hours, showing elevated market participation amid the volatility.
