Bitcoin Bearish Flag Pattern Says Crash Is Far From Over Despite Crash To $91,000
this Bitcoin price plummets to $91,000 was unexpected because dominant market position and rising volatility. Despite this setback, analysts predict a bleaker outlook for the leading cryptocurrency. The formation of a bearish flag indicates that the price may fall further, with analysts predicting a significant drop to $90,000.
Bearish flag signals Bitcoin price plummets
Pejman Zwin, TradingView Cryptocurrency Analyst, release Chart analysis predicts a decidedly bearish outlook for Bitcoin prices. Analysts base this on pessimistic forecast The emergence of a bearish flag pattern and other key technical indicators.
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Bitcoin is constantly changing, according to Zwin bearish flaga technical pattern that often signals a continuation of a previous downtrend. If this flag pattern holds, Bitcoin may be preparing for a breakout to the downside, which could result in a serious price drop.
Analysts said, 50-day moving average (MA)Near the $95,974 mark, it is a key resistance or support level for Bitcoin. However, the cryptocurrency recently fell below this moving average – a development that is considered bearish and suggests there is further downside to come.
Zwin also revealed that Bitcoin is moving within a heavy support zone between $95,000 and $90,870. Furthermore, he highlighted that the pioneer cryptocurrency is breaking out of key support lines, indicating potential continuation of downtrend.
Considering Bitcoin’s price action relative to the technical indicators and chart patterns mentioned above, Zwin expects a significant price drop to $91,000. The analyst highlighted that a drop to $91,000 is the minimum expectation, which would happen if Bitcoin breaks through the current support line.
He also revealed that if the heavy support area is broken, Bitcoin may face further bearish pressure, Revisiting lower price levels Approximately $90,540. Interestingly, Zwin’s Bitcoin price prediction comes after the price plummeted to $91,000 on Monday. In this sideways transaction Bitcoin market sentiment dropsits bearish price action shows no signs of slowing down.
Although the price of Bitcoin fell sharply, it has quickly recovered and is currently trading at $93,893. Still, a drop to Zwin’s projected $90,540 target would cause Bitcoin to plummet about 3.6%
Alternative bullish scenario
Although he predicted Bitcoin Price Outlook BearishZwin offers another bullish scenario that could trigger rebound. TradingView analysts say that around $95,974 may be the upper limit for Bitcoin’s price. If Bitcoin is able to break above the resistance line, it could invalidate the bearish flag pattern, signaling a potential upside reversal.
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On the other hand, a market expert known as “Mr. Cryptocurrency” on X (formerly Twitter) Predictive Bitcoin is about to break through to new levels. Analysts say that over the next two days, Bitcoin may overcome the bearish trend and potentially resume its trend previous uptrend.
