Is Bitcoin at Risk of Plummeting Below 100,000 USD?

Mihai Jacob, a renowned market observer, stated that the bullish momentum of Bitcoin following Powell's speech last Friday may not be as strong as initially thought. He explained that the charts continue to show signs of weakness that should not be overlooked. According to Jacob, this leading cryptocurrency may still face another significant downturn, and a drop below $100,000 remains a real risk despite short-term optimism. Powell's Speech Has Boosted Bitcoin Prices, But the Chart Tells a Different Story Jacob explained that in a previous analysis, he noted the $110,000 level as an important threshold for Bitcoin. As long as this threshold holds, technically, the overall bullish structure can still be maintained. Powell's speech revealed the possibility of interest rate cuts, and for a moment, the market reacted with excitement, and Bitcoin surged just as traders had expected. But Jacob quickly posed a difficult question: is that rebound really strong, or just wishful thinking? He advised to trade what you see, not what you hope for. And what he sees on the current chart does not match the initial excitement of the bullish move. Right after this move, Bitcoin returned to the support level of 112,000 dollars, wiping out most of the gains. For Jacob, this indicates that the market may have reacted to temporary news rather than starting a new growth wave. He warns that this bounce looks more like a retest of broken thresholds rather than a new beginning for a larger volatility. In other words, what appears to be a comeback could actually be a signal that Bitcoin is still weak. Instead of buyers taking control, the charts show that sellers are still in charge, waiting to push the price down further. Why stock prices still have the potential to drop below 100,000 USD Looking at the big picture, Jacob points out that Bitcoin is still trading below the trendline that has existed since April, highlighting the shape of the price volatility, suggesting a potential head and shoulders pattern forming around the $110,000 region. While not perfect, it is enough to make cautious traders worry about what might happen next. For Jacob, the excitement from Powell's speech is perhaps just "the joy of rate cuts", and he believes that the market is sending a very different message from what the headlines report. According to him, the idea that Bitcoin will simply return to the old support level, creating an easy opportunity for late buyers, is hard to believe. It is more likely just a "dead cat bounce", a brief move before continuing to decline. Jacob clearly states that his current position is neutral on active positions, but his outlook leans towards a bearish trend. Optimism can be appealing, but he asserts that discipline requires traders to trust the charts, not their hopes. With Bitcoin still struggling below key levels, he sees the possibility of the price dropping below $100,000 as very realistic.