Recently, the Bitcoin market has experienced some fluctuations. After reaching a historical high, the Bitcoin price quickly fell back to the level before the previous rise, completely erasing the earlier gains. This change has shifted the market atmosphere, and the bears seem to have regained control.

Although many investors still expect Bitcoin to make a significant rebound again, cryptocurrency analyst Melikatrader has proposed two possible market scenarios, both of which ultimately point to a bearish turning point.

Analysis shows that the breakout of the Bitcoin price from the downward trend line is a common starting point for these two scenarios, marking the beginning of increased bearish pressure. After this, the price trend may diverge:

In the first scenario, Bitcoin may continue to rise but face resistance around $118,000. This area is considered a place of concentrated supply, which could trigger a large sell-off, leading to a price pullback.

The second scenario shows that even if the first resistance level is broken, the Bitcoin price may continue to rise until it approaches the next supply zone near $120,000. The current price of this area is around $19,700.

It is worth noting that in any case, analysis predicts that a price pullback will eventually occur. This serves as a reminder for investors to be vigilant about possible market reversals and to pay attention to risk management.

Overall, while Bitcoin may experience a rise in the short term, the market seems to be preparing for a possible downward trend. Investors should closely monitor market movements and weigh potential risks and opportunities. In this uncertain market environment, maintaining a cautious and flexible investment strategy is particularly important.