Bitcoin $104,000 Market Prediction: Analysts Eye Final Drop
Background: Technical Support and Historical Patterns
Crypto market analysts are closely monitoring Bitcoin (BTC) as forecasts suggest a potential drop to $104,000 before the next crypto bull market begins. This Bitcoin $104,000 market prediction is based on long-term technical trends and historical support levels. According to TradingView data reported on June 27, 2024, Bitcoin’s 50-week simple moving average, a key technical indicator, is currently positioned at approximately $102,500. This moving average has acted as a robust support level four times since the crypto bull run restarted in mid-2023, and analysts believe it will likely be tested again.
Analyst ‘Sykodelic’ highlighted that the market retains significant leverage and a large liquidity cluster exists near $104,000. Reflecting on past market behavior, the analyst noted, “The market always feels the worst right before it reverses.” Historical data shows that similar market sentiment was observed in April 2025 and August 2024, when Bitcoin dipped to $74,000 and $49,000 respectively, before sharply rebounding each time (Reporting via Cointelegraph).
Market Reaction and Analyst Insights
Several analysts agree on a cautious outlook in the short term. “Negentropic” described this expected move as the “final flush,” stating the current technical setup could “open the door to $102,000,” suggesting a substantial price retracement may be close. Institutional insight from Nick Ruck, director at LVRG Research, further supports this perspective. Ruck told Cointelegraph, “Bitcoin may retrace to $104,000 as part of a healthy market correction, driven by profit-taking and macroeconomic uncertainties. However, the underlying fundamentals and institutional interest remain robust, setting the stage for a strong resumption of the bull market.”
Another technical viewpoint comes from ‘Daan Crypto Trades,’ who identified the 200-day exponential moving average as another critical area of support during this cycle. This analyst noted, “There has been some chop around it during uncertain times, but in the end price never lost the trend for more than a month.” These technical analyses reinforce the view that while some volatility is expected, historical trends favor eventual recovery once support levels are tested.
As of the latest update, Bitcoin has shown relative stability, trading near $108,000 over the past day. After briefly spiking to $113,000 earlier in the week, it quickly corrected to $107,000 and has begun consolidating around the new resistance zone.
What’s Next for Bitcoin and Crypto Investors?
With the Bitcoin $104,000 market prediction gaining traction among analysts, many in the crypto community are closely watching upcoming price movements. The consensus suggests that a short-term pullback to the $104,000 support area could trigger renewed bullish momentum for Bitcoin. Market participants are also advised to track broader macroeconomic conditions and institutional investment trends, as these factors are likely to influence the timeline and strength of any subsequent recovery phase.
For further coverage of cryptocurrency market trends, visit the Cryptocurrency section on Vizi.
Sources
Reporting via Cointelegraph
