Bitcoin’s recent performance hasn’t exactly been stellar. While it’s still above $100,000, it’s failed to hit new highs and even took a dive thanks to the Israel-Iran conflict, wiping out its weekly gains. This has the bears feeling pretty confident.
A Deep Dive Below $90,000?
Crypto analyst MIRZA predicts a potential Bitcoin crash, possibly pushing the price below $90,000. Their reasoning? Bitcoin’s been struggling to break the $111,000 resistance level, suggesting a lack of upward momentum. The price has dipped back towards $103,000, forming what could be a “double top” – a bearish pattern indicating a likely price drop. MIRZA sees a possible liquidity grab at lower levels, predicting a crash of over 15%, potentially reaching as low as $85,000 before finding a bottom. There’s a small chance of things turning around if Bitcoin breaks and holds above $107,000, but that seems unlikely.
More Bearish Predictions
MIRZA isn’t alone in their pessimism. Analyst RLinda also points to the Israel-Iran conflict as a major factor in Bitcoin’s recent downturn. However, RLinda sees a slightly less dramatic scenario. They believe Bitcoin might range between $102,500 and $106,200 for a while. Breaking above $106,200 could lead to another attempt at $110,000, but losing the $102,500 support would likely trigger another drop towards $100,000.
