Bitcoin Plunges to $104,000 — Is This Just the Beginning of a Bigger Crash?

Jakarta, Pintu News – Bitcoin’s (BTC) movement since hitting an all-time high on May 22 has been inconsistent. Although BTC managed to maintain the support area at $104,500, there is a risk of the price falling below that level.

Bitcoin had risen on June 16, but prices fell today after US President Donald Trump warned Iranians to flee Tehran.

Let’s take a look at Bitcoin’s price movements and try to determine what will happen next.

Bitcoin Price Drops 1.95% in 24 Hours

On June 18, 2025, Bitcoin was trading at $104,987, equivalent to approximately IDR 1,713,011,808. Over the past 24 hours, it saw a 1.95% decline. During this time, BTC reached a high of IDR 1,751,000,283 and a low of IDR 1,683,983,521.

According to CoinMarketCap, Bitcoin’s market capitalization now stands at around $2.08 trillion, with trading volume in the last 24 hours rising 1% to $53.95 billion.

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Weekly Bitcoin Price Analysis

According to CCN, Bitcoin price has been falling since hitting an all-time high of $111,980 on May 22. The following week, Bitcoin broke a streak of seven consecutive weeks with bullish candlesticks by printing bearish candlesticks.

Since then, the price movement has shown uncertainty, with bullish (green) and bearish doji candlesticks (red icons) being created. Nevertheless, the price of BTC is still trading above the $104,500 horizontal area, which is the resistance of the previous all-time high.

Technical indicators reflect uncertainty in price movements. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) have shown bearish divergence.

However, the indicators are still in positive territory. So, BTC analysis in the weekly time frame gives vague price predictions.

What’s Next for Bitcoin?

Although the weekly outlook shows uncertainty, the daily chart shows that Bitcoin has completed a five-wave upside movement that started on April 7.

This rise ended with an all-time high price on May 22. Since then, the Bitcoin price dropped in what could be an A-B-C (red) correction.

Based on the shape of the decline, Bitcoin price is currently in wave C, which is likely to end around the $92,900 – $93,300 level. However, based on the wave count, this is the most bearish possibility, and the other two counts are still valid.

The bullish (green) and neutral (yellow) counts still indicate that Bitcoin is in the final stages of its corrective movement, although the form of the correction is different. The bullish count describes a flat correction, where the price will reach a new all-time high in a corrective wave before going down.

In this eventuality, BTC prices will not drop below the June 5 low of $100,520.

Meanwhile, the neutral (yellow) count instead shows that the BTC price is completing wave B inside the symmetrical triangle.

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Bitcoin price will consolidate for some time in this count before dropping to the 0.382 Fibonacci retracement support level of $97,731.

In all likelihood, Bitcoin’s decline is not impulsive, and the uptrend is likely to resume after the correction ends.

Correction Almost Complete

Bitcoin price has been falling since hitting an all-time high of $111,980 on May 22. After a recovery rally on June 5, BTC continued its downward movement.

Although the possibility of further declines still exists, Bitcoin price is likely in the last wave of its correction. After that, Bitcoin price is expected to rise to new all-time highs.

That’s the latest information about crypto. Follow us on Google News to stay up-to-date on the world of crypto and blockchain technology.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• CCN. Bitcoin (BTC) Could Face Another Dip – But It’s Not the End of the Rally. Accessed on June 18, 2025