Bitcoin has been stuck in a price range between $101,000 and $106,000 for the past two weeks. Despite the ongoing crypto bull run, the market is still in a consolidation phase.
An analyst, known on social media as cryptododo7, has shared a theory about how Bitcoin (BTC) can regain its bullish momentum—though it involves a significant price drop first.
Why Bitcoin Could Return to $76,000
According to cryptododo7, Bitcoin’s price movements are tied to past events, including US President Donald Trump’s rise to power. When Trump won the presidency, many crypto supporters hoped for a more crypto-friendly administration.
This led to Bitcoin surging to $108,000, followed by a drop below $90,000. The analyst claims that market makers used new investors to sell Bitcoin at high prices, causing the price to fall.
Now, Bitcoin is stuck in a price range. Cryptododo7 believes Bitcoin needs to drop to $76,000 before it can start rising again. This drop would allow the market to absorb the excess demand from new investors who bought at high prices.
It would also give institutional investors the chance to buy Bitcoin before the next rally. The analyst suggests that if Bitcoin finds strong support at $76,000, a new bull run could follow.
Bitcoin’s Current Market Status
At the time of writing, Bitcoin is priced at $99,659, down by 2.74% in the past 24 hours. Its trading volume has also dropped by 31.29%, suggesting less interest from traders. Bitcoin faces resistance at $106,000, and moving past this could send its price to new highs.
With a market cap of $1.99 trillion, Bitcoin still holds the title of the most valuable cryptocurrency, controlling 58.6% of the crypto market.
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