Bitcoin risks a deeper correction toward $88K–$94K after breaking below a rising wedge pattern. Analysts note that this reversal structure often precedes sharp declines. After a correction of nearly 8% since its recent high, Bitcoin faces immediate support at $110,000–$112,000, with potential further decline to $105,000–$108,000. A drop could hit the psychological zone of $98,000–$100,000 by September, representing a 20% correction from its peak. If selling intensifies, targets as low as $88,000 may materialize. Additionally, a double-top scenario reminiscent of 2021 raises the risk of falling toward $94,750, aligning with the 50-day exponential moving average. Onchain metrics show a decline in mega whale addresses, indicating profit-taking near highs, which points to further downside unless strong demand emerges. However, a potential Fed rate cut might offset some of this downward pressure, contrasting the 2021 cycle's tightening environment. The broader trend in liquidity could sustain Bitcoin's uptrend longer, though immediate pressures remain significant.

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