Altcoin Season Not Coming? Bitcoin Risks Crash To $98,200 With Negative Sentiment

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A crypto analyst has issued a strong warning for Bitcoin (BTC), forecasting a potential crash to new lows as negative sentiment mounts. The analyst has also highlighted the possibility of an even more delayed altcoin season as the broader market flips bearish. 

Analyst Calls $98,200 Bitcoin Price Crash

With the Bitcoin price still consolidating above $100,000 after experiencing major losses in the last month, concerns have been rising about the flagship cryptocurrency’s near-term outlook. Dr. Cat, a crypto analyst on the X social media platform, has forecasted that a crash to $98,200 is growing increasingly possible for Bitcoin, especially with negative sentiment piling up.

The $98,200 level has been highlighted as a critical support level, which, if breached, could lead to even stronger downside risks for Bitcoin. Based on key Ichimoku indicators like the 3-week Kijun Sen and Weekly SSB, this downward potential could see Bitcoin crashing into the $70,000 range, which the analyst describes as the “7 handle”.

Notably, Dr. Cat’s chart, which features Ichimoku Cloud patterns, shows Bitcoin trading slightly above mid-range indicators with price action hovering above the Kijun Sen and within proximity to the cloud. Despite mild bullish positioning, he stresses that the daily and 2-day time frames remain structurally bearish, reducing the strength of any upward momentum. 

Adding weight to this pessimistic scenario, the analyst points out that while a short-term upside for Bitcoin is still in the cards, it is not guaranteed. Alternative wave counts also indicate that a local top may already be in place, signaling early stages of a more severe price correction. 

Dr. Cat further compares Bitcoin’s current market conditions to April 2024, when a similar setup led to a notable crash. As such, even if BTC pushes slightly higher in the short term, the broader trend, according to the analyst, suggests a looming reversal. 

Altcoin Season At Risk Amid Broader Market Weakness

In addition to Dr Cat’s bearish Bitcoin forecast his analysis also extends a stark warning to altcoin holders about the long-anticipated altseason. According to the market expert, many altcoins are once again approaching key resistance levels against Bitcoin, mirroring last week’s setup that led to significant declines. 

Although a slight recovery against BTC is not ruled out, the broader market structure hints at a harsh environment for altcoins in the next 1-2 weeks. The future Kijun Sen angle on the weekly Bitcoin Dominance (BTC.D) chart also signals an extended period where the flagship cryptocurrency may outperform altcoins decisively. However, this outperformance is not expected to result from BTC’s strength, but rather from its comparatively slower decline as the market turns bearish. 

In such a case, altcoins could see accelerated losses while BTC experienced a more controlled correction. This market dynamic suggests that the true altcoin season is unlikely to emerge anytime soon.

Featured image from iStock, chart from Tradingview.com

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