Cryptocurrency analyst TradingShot recently discussed the Bitcoin price drop at $99,000 and provided insight on whether this is temporary or marks the end of the bull run. His analysis suggests that this price drop is temporary and that Bitcoin will still reach the $100,000 mark and possibly even surpass it.
Bitcoin price drop to $99,000 may be temporary
TradingShot said in an article on TradingView that the drop in Bitcoin price at $99,000 could be temporary. As for what caused the price drop, the analyst noted that it could be due to the fading of post-election excitement as the market has fully digested the fact that crypto-friendly Donald Trump will be the next U.S. president.
The analyst added that the $100,000 mark also holds psychological pressure, likely because investors tend to take profits around this level. From a technical analysis perspective, the analyst explained what led to the drop in Bitcoin price at the $99,000 level.
TradingShot highlighted a Fibonacci channel that has been in place for the past three cycles, including the current one. He noted that the pattern began with a strong rally that formed the top in Bitcoin price in December 2013. The top of the cycle was located at the 0.236 Fibonacci level of the cycle, a level that rejected rallies in subsequent cycles.
This Fibonacci level rejected the Bitcoin price uptrend on Nov. 22 and acts as the “first real resistance level of the bull cycle.” TradingShot says that this is the first major rejection level the bull cycle faces before the eventual market top. The analyst added that the highs of the past two cycles have been at the 0.0 Fibonacci level, which is technically at the top of the channel.
The analyst’s accompanying chart shows that Bitcoin price is targeting over $200,000 at the top of this channel. However, TradingShot mentioned that the red dot for the current cycle at the end of 2025 does not represent a prediction but is merely an illustration given for comparison purposes.
When will the market peak?
TradingShot also provided insights into when Bitcoin prices may peak in this market cycle. The analyst noted that past bull cycles were approximately 150 weeks (1,050 days). Therefore, if this pattern repeats, it would mean that Bitcoin prices in this cycle could peak in late September or early October.
Analysts say it’s better to try to time the market top and sell it rather than put an actual price tag on it. TradingShot added that while Bitcoin price is in technical rejection, the current rally started from the Aug. 5 low, which sits squarely at the 1-week 50-day moving average. As long as this trendline holds, analysts note that the cyclical bullish wave should remain intact.
