One cryptocurrency analyst predicted another catastrophic collapse in Bitcoin prices, potentially pushing the major cryptocurrency below $85,000. the weak performance Price movements over the past few months signs of fatigueanalysts predict that the next major support level will be more than 33% below the all-time high.
Analyst analyzes chart showing Bitcoin price crash
TradingView’s cryptocurrency expert “EliteGoldAnaracy” released The latest chart study on Bitcoin’s next sell move warns that the cryptocurrency’s downtrend may not be over yet. The analyst’s breakdown highlights key support levels that he believes could cause Bitcoin to crash to this level at current levels. downward momentum Lasts.
EliteGoldAnalysis outlines the price structure on the chart starting from a weak high. This is often a technical condition that reflects liquidity gains prior to a reversal. Appearance of a weak high price near the top Bitcoin’s recent rise This indicates that the buyers may have been wiped out before the momentum completely changed. This pattern involves steadily forming lows and highs; Development of a bearish structure.
From the analyst’s perspective, short bias becomes meaningful only after a bearish trend is clearly confirmed. Based on Bitcoin price charts, such confirmation could include a small support break below a weak high followed by a retest of that level. Elite Gold Analysis also noted that a bearish rejection due to wick action and a strong bearish close would strengthen the case for a temporary decline. Bitcoin price crash.
Although the analyst breakdown is simply an interpretation of the chart rather than a trading decision, Bitcoin’s price structure still suggests a possible retrace. Enhanced sell-side pressure.
How much will the Bitcoin price fall?
Elite Gold Analysis outlined the critical zones that could come into play on his TradingView chart. Bitcoin’s next bearish move. The first area to look at is the potential “target level” marked in the purple zone above $85,000. Analysts consider this level an area of demand or imbalance. If Bitcoin reaches and sustains this goal, it could serve as the first checkpoint before the market decides whether to adopt Bitcoin or not. Fix it down or push it up.
Just below the $85,000 area is the $84,000 “strong support level” highlighted in blue on the chart. EliteGoldAnalysis predicts that Bitcoin could fall to this $84,000 support area. Analysts have suggested that this level could be an eventual retracement target and represent a significant liquidity pool that could attract buyers if prices decline.
A decisive fall to this level would reflect a decline of more than 6% from current levels above $89,000. Such a move could also signal the completion of a downside move as suggested by the chart structure. In the past 24 hours, the price of Bitcoin has fallen by about 3%. This means that the crash to $84,000 will last even longer. Ongoing downward trend.
Featured image from Unsplash, chart from TradingView
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