Main Highlights:
Bitcoin bulls risk losing the entire bull market if they drop below the $100,000 support level, according to a new forecast.
BTC price action encounters conflicting RSI signals, as bullish and bearish divergences vie for dominance.
Some investors are viewing the area just above $100,000 as a buying opportunity.
A warning suggests that Bitcoin (BTC) will conclude its bull market if it loses support at the $100,000 mark.
In his recent analysis on X, renowned trader Roman indicated that a retreat from six-figure BTC prices would signal the end of the bull cycle.
Bitcoin bull market “officially” depends on $100,000
Bitcoin has shifted market sentiment once more with its recent decline, which saw BTC/USD drop 15% from all-time highs exceeding $125,000.
BTC price targets have been recalibrated accordingly, with Roman among those anticipating a retest of levels nearing or below $100,000.
However, if bulls cannot maintain this psychologically significant area, the outlook could worsen significantly.
“It certainly looks dismal as we’ve lost our uptrend and $112,000 support,” he summarized alongside the daily BTC/USDT chart.
“98-100k is the critical level to monitor. If we fall below that, it *officially* confirms the end of the bull run.”
Roman noted that on higher timeframes, Bitcoin continues to exhibit considerable exhaustion, referencing earlier posts from August.
This includes flagged issues such as low trading volume at peak prices and a bearish divergence on the relative strength index (RSI) indicator.
As Cointelegraph highlighted this week, four-hour timeframes are starting to show a new bullish divergence on RSI, often considered a precursor to an upward trend.
Data from Cointelegraph Markets Pro and TradingView confirmed the ongoing bullish divergence as of Sunday.
RSI bullish divergences inspire trader optimism
Some market players are hopeful for a broader crypto market recovery based on the current structure.
Related: Will Bitcoin price decline in September?
“If this level remains, a new all-time high in the next 4-6 weeks is plausible,” fellow trader ZYN shared with X followers in a part of a post showcasing a weekly RSI bullish divergence.
“That’s not just hope. That’s structure.”
Others consider the vicinity of $100,000 as an optimal entry point rather than a signal to reduce exposure.
“It’s evident that in the short term, we are not in an upward trend with Bitcoin,” crypto trader, analyst, and entrepreneur Michaël van de Poppe noted on that day.
“I’m targeting the range around $102-104K for support. I still believe this is the best time to accumulate positions.”
At the time of writing, BTC/USD was down about 6.5% for August, although still performing better than in the previous four years, according to data from CoinGlass.
This article does not offer investment advice or recommendations. Every investment and trading action carries risk, and readers should perform their own due diligence when making decisions.
