As Bitcoin (CRYPTO: BTC) consolidates above $110,000, market commentators are debating whether recent price action is a prelude to a reversal or if more downside is to come.
What Happened: In a podcast update on Sep.1, prominent trader Mayne reaffirmed that "crypto is not dead," highlighting that current pullbacks remain part of the broader uptrend.
He said Bitcoin's rebound from the $110,000–$112,000 range validated his demand-zone strategy, calling it a key confluence of the 2024 high and a weekly bullish order block that previously pushed BTC to $130,000.
He emphasized that reclaiming the $111,000–$112,000 zone could trigger a short squeeze and pave the way for new all-time highs.
If support breaks, however, he sees $104,000–$105,000 as the next downside target, a weekly demand area that could serve as a strong long entry after a ~15% correction.
Mayne described Ethereum's (CRYPTO: ETH) chart as "cleaner," with the token retesting 12-hour demand after breaking past its prior all-time high.
Should Bitcoin stabilize, he expects ETH could target above $5,000 with a favorable 2.5:1 risk-reward setup. If Bitcoin dips further, he will look to reload ETH near $3,900.
For Solana (CRYPTO: SOL), Mayne noted it remains in "higher low territory," with $190 as the crucial level to watch. While he trimmed some positions after its latest rally, he said reclaiming this level could set up another long trade.
Also Read: Coinbase To Launch Futures Offering Combined Exposure To ‘Mag 7’ Stocks, Bitcoin And Ethereum ETFs
Why It Matters: Mayne underscored that September has historically been a bearish month, and traders often turn pessimistic too quickly.
His contrarian positioning, based on confluence of support zones and strict risk management, suggests the latest bounce could set the stage for the final parabolic leg of the cycle.
He added that reduced institutional activity over the holiday likely allowed technical levels to drive price action in a more retail-driven market.
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