Bitcoin’s recent price surge has stalled. After hitting a new all-time high, it’s dropped about 7%, and experts are predicting a more significant downturn.
Technical Indicators Point to a Bear Market
Crypto analyst Burak Kesmeci recently shared his bearish outlook on Bitcoin’s future. He believes several technical indicators suggest a correction is coming, potentially pushing the price down to around $93,000.
Key Indicators Showing a Downward Trend:
- Relative Strength Index (RSI): The daily RSI is below the 14-day simple moving average, indicating weakening bullish momentum.
- Fixed Range Volume Profile (FRVP): Shows a significant trading zone around $103,500. A sustained drop below this level could trigger increased selling.
- AlphaTrend: A second close below $106,269 could signal a “sell” signal.
- Average Directional Index (ADX): Suggests that sellers are gaining control of the market.
- Fibonacci Levels and FRVP Value Area Low (VAL): These support levels are around $93,000 and $91,800, respectively, suggesting a potential price floor in that range.
All these indicators point towards a possible price correction to the $91,000 – $93,000 range.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading around $104,000, down about 2% in the last 24 hours. The predicted drop, while significant, wouldn’t wipe out all of the recent gains.
