Bitcoin price rose above $100,000 again in early May after a long correction. However, BTC fell below $100,000 for the first time since early May following the US-Iran developments over the weekend. While this decline is only temporary according to some analysts, according to others, the decline could deepen if critical levels are not maintained. At this point, experienced analyst 10x Research founder Markus Thielen said that Bitcoin's fall or rise depends on some levels. Explaining the critical levels for Bitcoin, the analyst said that as long as BTC remains above the short-term realized price of $98,000 and the trend support of $102,000, there is a chance for an increase and investors can continue to look for tactical bullish opportunities. However, the analyst warned investors against this situation and stated that a break below this range is very likely, especially in the absence of strong bullish catalysts. Stating that investors should manage their risks, the analyst said: “BTC has made three failed attempts to break above $110,000 due to short-term macroeconomic shocks, from tariff concerns in May to the escalation between Israel and Iran in June. At this point, Bitcoin has been in a consolidation phase for the last five weeks, and these events show that it is not behaving as a hedge in the current environment.” Stating that Bitcoin is too risky, Thielen said that the consolidation could last a few more months and said, “Our view is that we will consolidate throughout the summer.” Bitcoin's Uptrend Continues! While Thielen is not bullish on Bitcoin, Eugene Cheung, director of digital asset platform OSL, noted that despite Bitcoin briefly falling below $100,000, its resistance points to strong institutional support. “Even though Bitcoin has fallen below $100,000 due to increased geopolitical tensions following the US strike on Iran, it has remained resilient. This indicates strong institutional support and long-term optimism,” Cheung said, remaining bullish. Finally, LVRG Research analyst Nick Ruck argued that altcoins could outperform Bitcoin in the coming months. Ruck said that if macro conditions stabilize, catalysts for crypto could emerge and altcoins could outperform. *This is not investment advice. Continue Reading: Middle East Crisis Hits Bitcoin: What Should We Expect Next for BTC? Fall or Rise? Analysts Comment!
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