The Bitcoin price may crash If it fails to hold key resistance levels. A crypto analyst revealed that a drop to $89,000 was within reach, as sell-off Bitcoin price below the $100,000 mark continues to block upward momentum.
Wikipedia price corrections up to $89,000 are possible
On November 26, TradingView crypto analyst Pejman Zwin shared Detailed charts showing technical analysis of Bitcoin price movement in a 1-hour time frame. The Bitcoin price chart has highlighted important resistance lines, support zones, and technical indicators that suggest an impending crash.
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on top of Price chart There is a yellow zone identified as the Potential Reversal Zone (PRZ), where Bitcoin is expected to face significant resistance as it $100,000 is the milestone goal. The chart also highlights a horizontal resistance line around $95,904, which Bitcoin struggled to break earlier.
at present Levels of resistance Between $97,000 and $98,000, Zwin has indicated that if Bitcoin can successfully push above these thresholds, its price could rise significantly to $100,000.
On the other hand, Bitcoin can experience a Huge price drop If it fails to reach the resistance level mentioned above. Analyst price charts show green zones representing critical support cones where Bitcoin could bounce back if its price recovers.
If Bitcoin breaks below the support levels between $95,600 and $92,000 and breaks the bottom line of the ascending channel on its chart, Zawin predicts that its price could drop to $89,000 in this bull cycle. The analyst describes this crash point as “cumulative long liquid leverage, where Bitcoin may see its price correct Between $91,000 and $89,000, represents an 8% to 10% crash for the pioneer cryptocurrency.
Key Factors Pushing BTC Price Up
On the flip side, Zwin revealed in its Bitcoin Analysis Report that Cryptocurrency is pumping againDriven by a wave of positive market sentiment generated by recent developments in the crypto space that have been making headlines. The analyst revealed that the Chinese court has confirmed this news Bitcoin and the legality of crypto ownership has been a key catalyst behind the sharp rise in the price of BTC.
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apart from, Donald TrumpPlans to appoint a White House crypto advisor have provided a significant boost to the BTC price, pushing it to current levels and enabling it to break through important resistance lines.
Based on the chart above, Zwin has revealed that Bitcoin has entered five new upcoming waves. Elliott Wave Theory. This rapid growth comes after the cryptocurrency broke past key resistance lines.
Additionally, Zwin’s Bitcoin price chart exhibits a “bump and run top pattern,” with the cryptocurrency already completing the “bump phase” and entering the “run phase.” With this in mind, the analyst has predicted that if Bitcoin can move above $98,700, investors and market watchers should expect it to reach $100,000.
Featured image created with Dall.E, chart from Tradingview.com
