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the Bitcoin price may collapse If it fails to maintain key resistance levels. One cryptocurrency analyst revealed that a drop to $89,000 was a possibility Sales operations Below the $100,000 mark continued to hamper the upward momentum of Bitcoin prices.
Bitcoin price correction to $89,000 possible
On November 26, Pegman Zwen, a cryptocurrency analyst at TradingView, said subscriber Detailed chart representing technical analysis of Bitcoin price movements In a time frame of 1 hour. The Bitcoin price chart highlights vital resistance lines, support areas and technical indicators that indicate an impending collapse.
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At the top of Price chart It is a yellow area known as the Potential Reversal Zone (PRZ), where Bitcoin is expected to face significant resistance He aims to achieve a goal of $100,000. The chart also highlights the horizontal resistance line around $95,904, which Bitcoin previously struggled to break.
at present Resistance levels Between $97,000 and $98,000, Zoen noted that if Bitcoin can successfully cross these thresholds, its price could rise significantly toward $100,000.
On the other hand, Bitcoin could face a Significant drop in prices If it fails to reach the above resistance levels. The analyst’s price chart displays green areas representing important support cones where Bitcoin could bounce back if its price corrects.
If Bitcoin falls below the support levels between $95,600 and $92,000 and breaks the lower line of the ascending channel on its chart, Zuen predicted that its price could collapse to as low as $89,000 in this bullish cycle. The analyst describes this breaking point as “the cumulative leverage of long liquidation, where… Bitcoin could see a price correction Between $91,000 and $89,000, which represents an 8% to 10% decline for the leading cryptocurrency.
The main factors driving the price of BTC higher
On the other hand, Zuwayn revealed in his Bitcoin analytical report that The cryptocurrency is being pumped backdriven by a wave of positive market sentiment sparked by recent developments in the cryptocurrency space that have made headlines. The analyst revealed that the news was confirmed by the Chinese court Legality of Bitcoin and Cryptocurrency Ownership It was a major catalyst behind the sharp rise in BTC prices.
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In addition, Donald TrumpAmazon’s plans to appoint a cryptocurrency advisor to the White House provided a major boost to the price of BTC, pushing it to current levels and enabling it to break through important resistance lines.
Based on the chart above, Zwin reveals that Bitcoin has entered five new impulsive waves of Elliot wave theory. This bullish development occurred after the cryptocurrency crossed major resistance lines.
Moreover, Zwin’s Bitcoin price chart displays a “bump and run top pattern”, where the cryptocurrency has already completed the “bump phase” and entered the “run phase.” With that in mind, the analyst predicted that if Bitcoin can rise above $98,700, investors and market watchers should expect it to rise to $100,000.
Featured image created with Dall.E, chart from Tradingview.com
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