Bitcoin Prediction: $98,500 Target In Sight, Will Bears Win?
Key Insights:
- Bitcoin prediction suggests that BTC could reach the $98,500 mark in the coming days.
- Traders have built $2.23B in short positions at $105,347.
- Traders are over-leveraged at the $99,895 level on the lower side and $105,347 on the upper side.
Earlier, Bitcoin (BTC) had completely shifted the overall market sentiment, but it now raises concerns about whether the market will maintain this momentum or shift toward the bearish side.
Current Marker Sentiment & Bitcoin Price Momentum
On May 12, 2025, during the Asian trading hours, the overall market sentiment was bullish, and the asset witnessed upward momentum. However, it later faded, and BTC reached the key support level of $102,280, losing 4.50% in the past 24 hours.
This level is a key support for BTC, as the asset has been consolidating at this level for the past three days and is now showing a failure to hold.
At press time, BTC was trading near $101,500 and had recorded a price decline of over 4.50% in the past 24 hours. During the same period, its trading volume soared by 30%, indicating heightened participation from traders and investors compared to previous days.
This rising volume, combined with the downside momentum in price, suggests strong bearish sentiment in the asset.
Bitcoin Accumulation by Whales & Investors
However, this fall in the asset price and the potential shift in market sentiment comes after witnessing strong buying pressure from investors and whales.
On May 12, 2025, a blockchain-based transaction tracker, Lookonchain, shared multiple posts on X (formerly Twitter), revealing that firms like Strategy (formerly MicroStrategy) purchased 13,390 BTC worth $1.34 Billion, Metaplanet bought 1,241 BTC worth $125 Million, and others purchased 1,321 BTC worth $137 Million over the past 24 hours.
Looking at this data, it seems like it could have the potential to push BTC’s price higher, but it moved in the opposite direction.
According to expert technical analysis, the Bitcoin prediction suggests that the upcoming days could be bearish, and the price may see some correction.
As per the daily chart, with the recent price decline, BTC has finally broken down its key support level of $102,280, opening the path for further downside momentum.
Bitcoin Prediction & Key Levels
Based on recent price action and historical patterns, if BTC fails to reclaim its key support level and remains below the $102,000 level, the Bitcoin prediction could remain bearish, and the price may experience downside momentum of 3.40% until it reaches the key support level of $98,500.
This bearish Bitcoin prediction could fail if the asset’s price rises above the support level.
However, with the recent price decline, Bitcoin’s Relative Strength Index (RSI) has fallen to 47, indicating that the asset is in neutral territory after being in the overbought area.
Now, market sentiment, along with trader and investor participation, could determine the asset’s upcoming move.
Bearish On-Chain Metrics
Looking at the downside momentum, traders and investors have begun betting on the bearish side and offloading their holdings, as reported by the on-chain analytics firm CoinGlass.
Data from spot inflow/outflow reveals that exchanges across the crypto landscape have witnessed an inflow of over $153.30 Million worth of BTC over the past 24 hours.
Such an inflow during the price correction following the breakdown indicates a potential sell-off, which could cause selling pressure and further downside momentum.
Meanwhile, traders also seem to be following the current market sentiment. Data shows that traders are currently over-leveraged at the $99,895 level on the lower side and have built $709.85 Million worth of long positions over the past 24 hours.
On the other hand, $105,347 is another over-leveraged level where traders have built $2.28 Billion worth of short positions.
When combining these on-chain metrics, it appears that bears have been dominating the asset and are likely pushing BTC’s price to lower levels.
