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the Bitcoin price collapse to $91,000 was unexpected, driven by attrition Market dominance High volatility. Despite this setback, one analyst predicts a bleaker outlook for the leading cryptocurrency. The formation of a bearish flag pattern indicates the possibility of further price declines on the horizon, with the analyst predicting a sharp price decline towards $90,000.
The bearish flag pattern signals a Bitcoin price collapse
Pegman Zwen, Cryptocurrency Analyst at TradingView, Released Chart analysis predicts a significant bearish outlook for Bitcoin price. The analyst relied on this Gloomy forecast On the appearance of the bearish flag pattern and other key technical indicators.
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According to Zuen, Bitcoin is moving within a range Bear flag patterna technical formation that often indicates a continuation of a previous downtrend. If this flag pattern continues, Bitcoin is likely poised for a bearish breakout, which could lead to sharp price declines.
The analyst pointed out that 50-day moving average (MA)around the $95,974 mark, served as a major resistance or support level for Bitcoin. However, the cryptocurrency recently fell below the moving average – a development considered bearish, indicating further downside.
Zwin also revealed that Bitcoin is moving inside a heavy support area between $95,000 and $90,870. Additionally, he highlighted that the leading cryptocurrency is breaching major support lines, indicating potential Continuing downward trend.
Looking at Bitcoin’s price action compared to the technical indicators and chart patterns mentioned above, Zuen expects a major price collapse towards $91,000. The analyst highlighted that a drop to $91,000 is the expected minimum, which will happen if Bitcoin breaks the current support lines.
He also revealed that if the heavy support area is broken, BTC will likely face further downward pressure Reconsider low price levels About $90,540. Interestingly, Zwin’s bearish Bitcoin price forecast comes on the heels of the recent price collapse to $91,000 on Monday. During this side trading Bitcoin market sentiment has declinedWith the downward price movement showing no signs of slowing down.
Although the price of Bitcoin suffered a sharp decline, it quickly recovered and is now trading at $93,893. However, a price drop to Zwin’s expected target of $90,540 would cause Bitcoin to collapse by approximately 3.6%.
Alternative bullish scenario
While he expected A Bearish forecast for Bitcoin priceZuen offered an alternative bullish scenario that might be the case Leads to recovery. According to TradingView analyst, around $95,974 could be the maximum price for Bitcoin. If BTC can break above the resistance lines, it could invalidate the bearish flag pattern, indicating a potential reversal to the upside.
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On the other hand, a market expert known as “Mister Crypto” on X (formerly Twitter). anticipation Bitcoin’s upcoming breakout to new levels. The analyst notes that in the next couple of days, Bitcoin could overcome and perhaps resume downward trends Previous uptrend.