The Bitcoin price crash Up to $91,000 was unexpected, run low Market dominance and increasing volatility. Despite this setback, one analyst predicts an even bleaker outlook for the leading cryptocurrency. The formation of a bearish flag pattern suggests that further price declines may be on the horizon, with analysts anticipating a sharp price drop towards $90,000.
Bearish flag pattern signals bitcoin price crash
Pageman Zwin, a TradingView crypto analyst, Released A chart analysis predicts a significantly bearish outlook for the Bitcoin price. The analyst is based on this Gloomy forecast On the appearance of a bearish flag pattern and other key technical indicators.
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According to Zwin, Bitcoin is growing within a Bearish flag patternA technical formation that often signals the continuation of an earlier downtrend. If this flag pattern holds, Bitcoin is likely preparing to break down to the downside, which could lead to a serious price drop.
The analyst indicated that 50-day moving average (MA)Around the $95,974 mark, served as a key resistance or support level for Bitcoin. However, the cryptocurrency recently broke below this MA – a development considered bearish, suggesting further downside.
Zwin also revealed that Bitcoin is moving into a heavy support zone between $95,000 and $90,870. Additionally, he highlighted that the pioneer cryptocurrency is breaking major support lines, a potential sign. Continuing the downward trend.
Looking at Bitcoin’s price action in relation to the above technical indicators and chart patterns, Zwin expects a significant price crash towards $91,000. The analyst highlighted that a drop to $91,000 was the minimum expected, which would happen if Bitcoin breaks the current support lines.
He also revealed that if the heavy support zone is breached, BTC could potentially face even more bearish pressure. Revisiting lower price levels Around $90,540 Interestingly, Zwin’s bearish Bitcoin price prediction follows a recent price crash to $91,000 on Monday. Meanwhile sideways trading Bitcoin market sentiment has declinedWith its bearish price action showing no signs of slowing down.
Although the price of Bitcoin fell sharply, it quickly recovered and is now trading at $93,893. Nevertheless, a drop in Zwin’s projected $90,540 price target would result in a bitcoin crash of around 3.6%.
Alternative bullish view
While he did Project A Bearish outlook for Bitcoin priceZwin provided an alternative bullish view of what might happen Trigger a rebound. According to TradingView analysts, around $95,974 could be a cap for Bitcoin price. If BTC can break above the resistance lines, it could invalidate the bearish flag pattern, indicating a potential reversal to the upside.
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On another note, a market expert known as ‘Mr Crypto’ on X (formerly Twitter) predicted Bitcoin Breakout Coming to New Levels. Analysts suggest that over the next couple of days, Bitcoin may break bearish trends and potentially resume. The previous upward trend.
