Bitcoin is currently at a pivotal support level in its cycle, referred to as a “fork in the road” by crypto analyst Dom (@traderview2). He emphasizes that if Bitcoin fails to regain crucial support levels swiftly, it could undermine the structure of its recent rally, leading him to anticipate a downturn.
“This is Bitcoin’s final opportunity to maintain this level and push upward,” he stated during a live broadcast on October 29. “If it doesn’t establish a solid foundation here over the next week or so, we might see it decline toward the mid to low $90,000s again.”
Critical Moment for Bitcoin’s Rally
Dom does not foresee a drastic crypto winter or an 80% decline. Instead, he warns that the upcoming days are crucial in determining whether Bitcoin can sustain its “staircase” pattern established throughout this cycle. If this pattern fails, he predicts a controlled but continuous retreat rather than a significant collapse.
“I don’t believe we’re heading into a prolonged bear market as in the past,” he asserted. “Those situations are behind us unless there’s a severe global recession akin to a Great Depression.”
He identifies the $111,000–$114,000 area as crucial for Bitcoin. Should it fail to regain this level quickly, he believes a more significant breakdown could ensue, potentially below $100,000. His immediate target for such a breakdown is around $98,500, which corresponds with the 12-month rolling VWAP — considered the bullish market band for this cycle.
Market Dynamics and Liquidity Concerns
Below the key support, Dom emphasizes the necessity of assessing buyer engagement. The response there will dictate whether $95,000 is merely a temporary dip or a sign of more serious issues. He notes a significant change in Bitcoin’s behavior, as it no longer rebounds quickly from support, indicating possible underlying fragility.
Moreover, Dom highlights the shallow liquidity levels on major exchanges, suggesting that current conditions are precarious. With minimal buying interest near $100,000 and substantial selling pressure, he sees this as a setup for rapid declines if Bitcoin breaks key support levels.
Despite existing concerns, Dom maintains that a complete market collapse is unlikely. In his view, the landscape has shifted, with Bitcoin now viewed more as an institutional asset rather than purely speculative. This change implies that the downside risk may be more muted than in prior cycles, reflecting a more stable influx of capital.
At present, BTC is trading at approximately $110,280.
