Bitcoin is currently under free fall as short-term bears have completely overwhelmed the market and are looking increasingly menacing. The largest cryptocurrency by market capitalization is currently trading around the $105k support level, but it may not hold for long. One popular analyst on X (formerly Twitter) believes that further bear action is possible, but the $102k support is likely to be key for the future.
Ted Pillows, the analyst in question, has over 220,000 followers on the microblogging channel. He tweeted:
“$BTC has lost the $108,000 support level.
Now there’s little to no support until $101,000-$102,000.
If Bitcoin manages to reclaim the $110,000 level from here, we could see a bounce back.
Otherwise, expect more pain before relief”.
The tweet followed by this graph:
According to this graph, Bitcoin is likely to drop further, and the bulls need to defend the $101.4k support level, which is expected to be a major focus for the trading community. Even if the bear forces suppress this important figure, there is another point to bounce back from @$98.2k. However, after that, the bearish troops are likely to take over the proceedings for the time being.
Twitterati Respond
Twitter users responded to the analyst’s take. Some users believe that the new long-term bear market is right around the corner and that it would take a monumental effort to stop the new bearish momentum.
One tweeted:
“TED It’s clear we’ve entered the next cycle. There’s no longer any reason to be bullish on BTC’s weekly or daily charts. The 200-day MA rebound is the only escape route. Perhaps the recent gold price surge driven by risk-averse sentiment speaks volumes”.
Another quipped:
“$BTC structure is weak here, lost 108K clean, and volume confirms sellers still in control. But I’m not buying the full doom call yet. These levels often overextend before reversing hard.
If we flush into 101-102K and wick back above 108K fast, that’s the trap setup I’d fade shorters on. Otherwise, yeah, let it bleed. Better to catch the reclaim than to knife-catch through liquidation land”.
The Future
Bitcoin is currently under a bearish spell, and the bullish morale has taken many massive hits during the last 10 days. From the $18 billion in derivatives liquidations to the recent price drop below $108k, the immediate outlook is not looking encouraging. Despite this downturn, according to multiple analysts, it is similar to previous price swings recorded in the digital currency’s history.
However, the 2025 bull market has been largely underwhelming overall, with mixed signals everywhere. If the bull market is headed towards an early, disappointing end, it can reduce investor confidence in the asset.
