Analysis: The upward trend of Bitcoin may end prematurely, with a target price potentially dropping to $95,000

ChainCatcher news, according to Cointelegraph, the upward trend of Bitcoin faces the risk of an early end, as the market has begun to anticipate that its target price may drop below $95,000. Traders like ZAYK Charts warned in their latest market analysis released on Tuesday that Bitcoin is currently in the "Distribution phase."

ZAYK Charts believes that Bitcoin could potentially fall back to $95,000, a price it has not touched since early May. Bitcoin previously experienced a classic "Mark-Up" phase from a long-term low, and has now entered the "Distribution" phase, which is typically a signal of a trend reversal.

Since last November, the $92,000 to $95,000 range has played an important role in Bitcoin's price movements, serving both as support and resistance, accompanied by significant market volatility.

Trader Mikybull Crypto expressed concern over Bitcoin's drop after breaking through $122,000 this week, describing the movement as "ugly," and pointed out that Bitcoin has re-entered the previous range of fluctuations, while altcoins have become the main beneficiaries.