Bitcoin fit drop under $108K, dey target $93K–$95K pullback
Bitcoin price don fall under $110,000 reach about $108,000 on August 29, wey mark 13% drop from di recent $124,000 high. Analysts dey warn say di immediate $108K support level na serious; if e break for sure, e fit make price pull back for mid-term to $93K–$95K, na even worse scenario fit carry am reach $70K. On-chain data dey show say short-term holders cost basis dey around $108,900, wey mean if e break this level, selling pressure fit last long. Technical indicators like RSI divergence and cycle correlation with 2021 highs dey confirm say di risk of bigger correction dey. On di other hand, macro catalysts like di expected Federal Reserve rate cuts and easier Treasury issuance fit support bullish recovery later for di year. Market people recommend say make dem dey watch Bitcoin price action, on-chain stats, and policy moves well-well to sabi di next direction.
Bearish
Bitcoin wey drop below di $108,000 support na like di similar fallback wey happen during im 2021 bull cycle, weh loss fit reach 30% after key levels no hold. On-chain analytics show say short-term holders dey loss because dem cost $108,900, and dis one usually mean say extended sell-offs fit happen. Technical indicators like RSI divergence dey show say momentum dey reduce. All dis tins together mean say e get higher chance say mid-term correction go reach $93K–$95K, wey dey align with past patterns. Even though di expected Fed rate cuts fit bring back bullish feeling later, di immediate risk still bearish as traders dey respond to support breakdown. So, di news mean say market fit go bearish for short to mid term.