BTC risks sharp drop to $93K if $100K support fails, says analyst

Bitcoin could plummet to $93,000 if it breaks below the key support level of $100,000, according to an analysis by 10x Research CEO Markus Thielen, CoinDesk reported. Thielen explained that approximately 5.9 million BTC, worth $588 billion, have been traded in the $100,000 to $126,000 range in recent months. He noted that a significant portion of this supply is held by retail investors with weak conviction or institutional investors under pressure from internal risk management and executives. If BTC is pushed below the $100,000 support line, selling pressure could intensify, causing a rapid fall into a liquidity void, or "air pocket," around the $93,000 level. Thielen added that should Bitcoin fall below $93,000, volatility would likely spike sharply around the $90,000 mark, which is the average purchase price for spot BTC ETFs.