Bitcoin bull market will be 'over' if $100K BTC price is lost — Trader

Key points:

• Bitcoin bulls can kiss goodbye to the entire bull market if they lose $100,000 support, a new forecast predicts.

• BTC price action faces a battle of RSI signals as bullish and bearish divergences compete.

• Some see an opportunity to buy the dip just above the $100,000 mark.

Bitcoin ( BTC ) will end its bull market if it loses $100,000 support, a new warning says.

In his latest analysis on X, popular trader Roman predicted that if six-figure BTC prices become a thing of the past, the bull cycle will too.

Bitcoin bull run “officially” hinges on $100,000

Bitcoin has upended market sentiment again with its latest dip, which at one point took BTC/USD down 15% versus all-time highs above $125,000.

BTC price targets have adjusted in step, with Roman among those seeing a retest of levels closer to $100,000 and under.

If bulls fail to hold that psychologically crucial area completely, however, the outlook will be far worse.

“Definitely looks ugly as we’ve lost our uptrend and 112k support,” he summarized alongside the daily BTC/USDT chart. 

“98-100k is the level to watch. We lose that and *officially* confirms the bull run being over.”

Roman added that on high timeframes, Bitcoin is “still showing lots of exhaustion,” referring to previous posts from August and earlier. 

These flagged phenomena include low trading volume at the highs and a bearish divergence on the relative strength index ( RSI ) indicator.

As Cointelegraph reported this week, four-hour timeframes are beginning to show a new bullish divergence on RSI — often an advance notice of an uptrend returning.

Data from Cointelegraph Markets Pro and TradingView confirmed the bullish divergence still playing out at the time of writing Sunday.

RSI bullish divergences give traders hope

Some market participants remained hopeful for a broader crypto market rebound based on the current structure.

Related: Will Bitcoin price drop in September?

“If this level holds, a new ATH in the next 4–6 weeks is on the table,” fellow trader ZYN told X followers in part of a post showing a weekly RSI bullish divergence. 

“That’s not hope. That’s structure.”

Others eyed around $100,000 as an ideal entry zone rather than a cue to cut exposure.

“It's quite clear that we're, in the short term, not in an uptrend on Bitcoin,” crypto trader, analyst and entrepreneur Michaël van de Poppe acknowledged on the day. 

“I'm targeting the area around $102-104K for support. I still think that this is the best period to accumulate your positions on.”

BTC/USD was down around 6.5% for August at the time of writing — still faring better than the previous four years, data from CoinGlass showed.