Bitcoin Price Crash Not Over? Why A Decline To $89,000 Is Possible
this Bitcoin price could crash If it fails to hold key resistance levels. A cryptocurrency analyst revealed that a drop to $89,000 is very likely because sell off Falling below the $100,000 mark continues to hinder Bitcoin price momentum.
Bitcoin price may correct to $89,000
On November 26, TradingView cryptocurrency analyst Pejman Zwin shared Detailed chart representing technical analysis Bitcoin Price Trend Within a 1 hour time frame. Bitcoin price chart highlights important resistance lines, support areas, and technical indicators indicating an imminent collapse.
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at the top price chart is a yellow zone identified as the Potential Reversal Zone (PRZ) where Bitcoin is expected to face significant resistance as it The goal is to reach the $100,000 milestone. The chart also highlights a horizontal resistance line around $95,904, which Bitcoin has previously struggled to break.
at present resistance level Zwin said that if Bitcoin can successfully break through these thresholds, its price could rise significantly to $100,000, with prices between $97,000 and $98,000.
Bitcoin, on the other hand, may experience Prices dropped sharply If the above resistance level is not reached. The analyst’s price chart shows a green area representing a key support cone, where Bitcoin could rebound if the price corrects.
Zwin predicts that if Bitcoin breaks below support between $95,600 and $92,000 and breaks the lower line of the ascending channel on the chart, its price could plummet to $89,000 in this bull cycle. Analysts described the crash point as “accumulated long liquidation leverage, where Bitcoin price may see a correction Prices range from $91,000 to $89,000, which would mean the pioneer cryptocurrency plummeted by 8% to 10%.
Key Factors Driving Bitcoin Price Rise
On the other hand, Zwin revealed in his Bitcoin analysis report, Cryptocurrencies are on the rise againRecent developments in the cryptocurrency space have made headlines, triggering a wave of positive market sentiment. Analysts revealed that the Chinese court upheld the original verdict The Legality of Bitcoin and Cryptocurrency Ownership It is a key catalyst for the sharp rise in BTC prices.
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also, Donald TrumpThe plan to appoint a White House cryptocurrency adviser gave a huge boost to the BTC price, pushing it to current levels and above an important resistance line.
According to the chart above, Zwin revealed that Bitcoin has gone from Elliott wave theory. This bullish development occurred after the cryptocurrency broke above a key resistance line.
Additionally, Zwin’s Bitcoin price chart shows a “Rise and Run Top pattern,” with the cryptocurrency having completed its “Run Phase” and entering a “Run Phase.” With this in mind, analysts predict that if Bitcoin is able to surge above $98,700, investors and market watchers should expect its price to surge to $100,000.
Featured image created using Dall.E, chart from Tradingview.com
