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Bitcoin Channel Break Below $105,000 Sparks Panic, Analysts Predict Further Crashes
- Bitcoin price is currently experiencing a crash influenced by the Middle East conflict and negative sentiment in the crypto market.
- Analysts are forecasting further downturns for Bitcoin after it failed to surpass $111,000 and broke below $105,000.
- TehThomas, a crypto analyst, predicted the crash and believes Bitcoin needs to fill Fair Value Gaps (FVG) before potential upward movement.
- Bitcoin exhibited signs of exhaustion leading to the crash, as observed by the failure to surpass $108,500.
- The price fell below a significant channel at $105,000, indicating a bearish trend and possible further decline.
- Key support levels now include $102,800 after the price previously broke below $104,600.
- Xanrox, another analyst, anticipates a break of a bull flag pattern, potentially driving Bitcoin price down to $100,000 or even $88,000.
- Doctor Profit also expects a drop below $100,000, suggesting a decline to the $94,000-$95,000 range before a bounce.
- The crypto market remains pessimistic about Bitcoin's future outlook amidst geopolitical uncertainties and internal market dynamics.
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