Analyst Warns of Potential Bitcoin Correction Below $117,000

On August 12, the price of digital gold fell by 2%—from $122,000 to $118,000. Analyst and MN Trading founder Michaël van de Poppe described this movement as a “quite ugly daily candle” and suggested a potential decline to $116,800. 

I don’t like this daily candle on #Bitcoin.

It has taken all the liquidity on the highs and immediately inversed towards the range high resistance.

Quite ugly daily candle.

Wouldn’t be surprised if we’ll test $116.8K before continuing. pic.twitter.com/BiYtBLEtfG

— Michaël van de Poppe (@CryptoMichNL) August 11, 2025

Earlier, Bitcoin rose to $122,150, nearing the all-time high of $123,100 reached on July 15. Investors anticipated a new record, but the price turned downward. 

“It [Bitcoin] has taken all the liquidity on the highs and immediately reversed towards the range high resistance,” explained van de Poppe. 

According to Coinglass, a drop of 1.75% to the level predicted by the analyst could trigger long liquidations worth $1.63 billion. Despite this, the expert remains optimistic and expects further Bitcoin growth. 

Cryptotrader known as Rekt Capital suggests that breaking the $126,000 mark could push the digital gold’s price even higher. 

#BTC

If Bitcoin is able to convincingly break ~$126,000 then chances are price will go a lot higher and quickly$BTC #Crypto #Bitcoin

— Rekt Capital (@rektcapital) August 11, 2025

Market sentiment also remains positive. The Fear and Greed Index stands at 68, indicating a “greed” zone. 

Meanwhile, spot Bitcoin ETFs continue to show steady inflows. Over the past day, funds attracted $178.1 million. 

Back in July, Capriole Investments founder Charles Edwards estimated the fair value of digital gold at $167,800.