A crypto analyst on TradingView, known as RLinda, who correctly predicted Bitcoin’s previous plunge from $91,000, is sounding the alarm again. They believe Bitcoin is headed for another significant drop, potentially as low as $73,000.
Why the Bearish Outlook?
RLinda’s prediction stems from Bitcoin’s failure to hold above the $91,000 mark, triggering what they call a “false resistance breakdown.” This, combined with several other factors, paints a bearish picture.
Market Factors Fueling the Drop
Several events contributed to the current downturn:
- Trump’s Fed Comments: Donald Trump’s statements about the Federal Reserve shook up the market, leading to widespread liquidations in the crypto space.
- Crypto Summit Disappointment: The recent crypto summit failed to generate the expected bullish momentum, preventing the market from recovering.
- Profit-Taking and Manipulation: Investors are taking profits, and RLinda suggests that manipulation by large players is also at play.
Bitcoin’s Price Action and Key Levels
Bitcoin is currently trading between $82,000 and $90,000, having lost gains from a February price bump. RLinda warns that breaking below the $82,000 support level could trigger a sharp drop towards $78,000-$73,000. The analyst sees $73,000 as a key crash target, describing the current situation as a necessary correction phase.
The Need for Correction and Liquidity
RLinda points out that the market’s reliance on bullish leverage and new buyers without proper corrections creates instability. This current correction, they argue, is needed to reset liquidity and pave the way for future growth.
Key Support and Resistance Levels
RLinda highlights these key levels to watch:
Resistance: $89,400, $91,000, $93,000
Support: $82,000, $78,000, $73,000
The analyst believes the $73,000 – $66,000 zone is particularly important, potentially serving as a market stabilization point, though a drop below $82,000 would confirm further bearish movement.
