Bitcoin took a nosedive to $91,000 recently, surprising many. But one analyst thinks things are about to get worse.
A Bearish Outlook
Pejman Zwin, a crypto analyst on TradingView, sees a dark future for Bitcoin. He’s spotted a “bearish flag pattern” on the charts – a technical indicator often suggesting a price drop will continue. This, combined with other indicators, leads him to predict a further fall.
Key Indicators Pointing Down
- Breaking the 50-Day Moving Average (MA): Bitcoin fell below the 50-day MA ($95,974), a significant bearish signal.
- Support Zone Breakdown: Bitcoin is in a support zone between $95,000 and $90,870, and it’s breaking through key support levels.
Zwin’s Prediction: A Deeper Crash
Based on these factors, Zwin predicts Bitcoin could plummet to at least $91,000. If the support zone breaks, he thinks it could go even lower, potentially to around $90,540. That would be a roughly 3.6% drop from the current price.
Could Bitcoin Bounce Back?
While Zwin’s outlook is bearish, he does offer a glimmer of hope. If Bitcoin can break above the resistance at around $95,974, it could invalidate the bearish flag pattern and potentially reverse the downward trend.
Another Analyst’s Take
Interestingly, another analyst, “Mister Crypto” on X (formerly Twitter), is predicting the opposite. They believe Bitcoin could break out upwards in the next couple of days.
The Bottom Line
The future of Bitcoin’s price remains uncertain. While one analyst sees a significant drop, another predicts a bullish breakout. Only time will tell who’s right.
