Why A Crash To $84,000 Is Likely
Analysts are currently inclined to Bitcoin price further subdividesPioneer cryptocurrency has been positioned in a tight merger area due to market volatility. Crypto Expert Hamed_az shares the bullish and bearish outlook for Bitcoin prices on TradingView. However, analysts stress that a $85,000 crash is more likely.
According to Hames_az, the price of Bitcoin will fall further, possibly reaching a new low at $85,000. Analyst reveal Cryptocurrency continues to trade sideways, failing to get rid of it Current merger area.
Bitcoin price set at $85,000
Earlier this month, Bitcoin price fell to a new level below $100,000, failing to break the key resistance zone in an attempt to reach a new all-time high. then, Sharp decline It may be due to wider market volatility and emotional changes. However, cryptocurrency failed to recover its position above $100,000 due to the pressure of falling The latest tariffs imposed by the United States In other countries.
Related Readings
Hames_az asserts that if Bitcoin continues to trade below, the market will maintain a downward trend without any hint of moving upward Key resistance levels. Analysts shared two possible options for the future trajectory of cryptocurrencies, inclined toward more corrective prospects, predicting that Bitcoin could return to the support zone before launching another upward movement.
As shown in the green area in his price chart, the analyst pointed out Bitcoin support area Between $85,000 and $87,500. Although Bitcoin is historically known for not continuing the downward trend for too long, trading browsing analysts still expect its price to break down further, highlighting that the decline at this time is a more likely situation.
In the chart, the analyst also explained Descent Channel Modewhere the price of Bitcoin is obviously moving within the downward sloping channel, which indicates Short-term downward trend. The Fibonacci level is 0.382, further aligning with the support zone, making it a strong potential area for price reversal.
According to analysts’ forecasts, this supportive rebound will invalidate further bearish momentum. In addition, the support zone is a key demand zone that buyers usually intervene, thereby enhancing price stability.
Possible bullish scenarios if key resistance levels are violated
While sharing the bearish forecast of Bitcoin price to $85,000, Hames_az also proposed a Alternative bullish scenarios This could bring cryptocurrencies to new all-time highs. TradingView analysts believe that if Bitcoin can successfully bring resistance levels between $97,000 and above it, the market should expect its previous uptrend to continue.
Related Readings
A confirmation of the breakthrough was made from this resistance area, which suggests market dynamics and further growth of Bitcoin prices. According to his analysis, he expects Bitcoin to rise as high as $120,000, exceeding the Previous historical highs Get it earlier this year.
Featured images from Istock, charts from TradingView.com
