Bitcoin Forms Bearish Pattern, Potential Drop Below $100,000 Predicted

Market expert Tony Severino has highlighted concerns regarding Bitcoin's price action on the weekly chart, noting a potential Evening Star pattern forming at the Bollinger Band basis line around $111,600. This pattern could indicate a bearish trend as Bitcoin trades below $110,000 with predictions of potentially falling below the $100,000 mark.

Key Points

Bitcoin is possibly forming an Evening Star pattern, suggesting a bearish trend.
The tightest weekly Bollinger Bands in BTC's history show low volatility; upper BB at $122,000, basis BB at $111,600, and lower BB at $101,000.
Crypto analyst Bob Loukas suggests bears are in control, predicting a potential drop below $100,000. However, he anticipates a long-term rally to $140,000.
Ali Martinez warns that Bitcoin must reclaim $116,300 or risk dropping to $94,334. He identifies $107,200 as a crucial support level.
The current price is approximately $109,600, showing a slight 24-hour increase.

Bitcoin Chart