Bitcoin Price Could Crash to $41,000 Amid Shark Pattern Formation

A recent analysis predicts a potential decline in the Bitcoin price to $41,000, forming a harmonic "Shark" pattern that suggests further downside. Despite this bearish outlook, such patterns are traditionally seen as bullish once their final leg is completed.

Key Points from the Analysis

Analyst Tony Severino identifies a rare bullish harmonic pattern on Bitcoin's weekly chart.
The Shark pattern targets a drop to $41,000, marking a significant decrease from its current levels.
Severino emphasizes that harmonic patterns often signal reversals after completing specific Fibonacci ratios.

Alternative Analysis and Potential Scenarios

Analyst Ted Pillows presents both bullish and bearish scenarios for Bitcoin.
Bitcoin trades above $91,500, despite a 20% decline over the past month.
Pillows highlights a resistance range of $93,000-$94,000 as crucial for future price direction.

If Bitcoin surpasses this range, it could potentially rise above $100,000, reaching up to $108,000. However, failure to hold within this zone may lead to a retreat toward $88,000, with further declines possible if support levels fail.