particle for direct object Bitcoin price crash to $91,000 was an unexpected decrease Dominate the market And rising volatility despite the setback has one analyst predicting a worse outlook for the leading digital currency. The formation of a bearish flag pattern suggests that further price declines may be on the horizon, with the analyst predicting a sharp drop towards $90,000.
Bitcoin price crash bearish flag pattern signal
TradingView crypto analyst Pejman Zvin, was published Chart analysis that predicts a significant bearish outlook for Bitcoin price. The analyst is based on this Sad forecast Regarding the appearance of the bearish flag pattern and other key technical indicators.
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According to Zwin, Bitcoin is moving in a range of one Descending flag patterna technical formation that often signals the continuation of a previous downtrend. If this flag pattern holds, Bitcoin is most likely poised to crash, which could lead to a sharp drop in price.
This analyst noted that 50-day moving average (MA)around $95,974, served as a key resistance or support level for Bitcoin. However, the cryptocurrency recently broke below this MA – a development considered bearish that suggests further downside.
Zwin also revealed that Bitcoin is moving in a heavy support zone between $95,000 and $90,870. In addition, he emphasized that the leading cryptocurrency is crossing key support lines, indicating potential. Continue the downward trend.
Looking at Bitcoin price performance against the aforementioned technical indicators and chart patterns, Zwin predicts a significant price drop towards $91,000. The analyst emphasized that a drop to $91,000 is the minimum expected if Bitcoin breaks the current support lines.
He also revealed that BTC may face further downward pressure if the heavy support zone is breached. Review at lower price levels Around $90,540 is interesting where Zwin's bearish Bitcoin price forecast follows the recent fall to $91,000 on Monday. During this side transaction Bitcoin market sentiment has declinedwith its downward price movement showing no signs of slowing down.
Although the price of Bitcoin suffered a sharp drop, it quickly recovered and is now trading at $93,893. However, a price drop to Zwin's projected target of $90,540 would result in Bitcoin falling roughly 3.6%.
Alternative bullish scenario
While he is a Bearish outlook for Bitcoin priceZwin presented an alternative bullish scenario that could cause a relapse. According to TradingView analyst, around $95,974 could be a ceiling for Bitcoin price. If Bitcoin can break above the resistance lines, it could invalidate the bearish flag pattern and signal a possible return to the upside.
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On another note, a market expert known as “Mr. Crypto” on X (formerly Twitter) has predicted A future breakout of Bitcoin to new levels. The analyst suggests that in the next two days, Bitcoin could overcome the bearish trends and potentially resume. Previous uptrend.
