Bitcoin’s price is stuck in a tight range, and experts are predicting a potential drop. One analyst, Hamed_AZ on TradingView, thinks a fall to around $85,000 is the most likely scenario.
The Bearish Case: Down to $85,000
Hamed_AZ sees Bitcoin continuing its sideways movement, unable to break out of its current consolidation zone. He points to the recent price crash below $100,000 and the lack of recovery as signs of a weakening market. New tariffs are also putting downward pressure.
The analyst highlights a descending channel pattern on the price chart, a clear indication of a short-term downtrend. A key support zone sits between $85,000 and $87,500, aligning with a Fibonacci level, making it a likely point for a price bounce. However, even with Bitcoin’s historical tendency to avoid prolonged downtrends, Hamed_AZ still favors a further price drop.
The Bullish Case: A Run to $120,000?
There’s a glimmer of hope, though. If Bitcoin can break through the resistance levels between $97,000 and $102,500 and stay above them, Hamed_AZ believes the uptrend could resume. This breakout would signal a strong market and could send Bitcoin soaring to as high as $120,000, surpassing previous highs. This scenario hinges on overcoming the current resistance, which seems unlikely based on the analyst’s overall assessment.
