Bitcoin Price Expected to Drop to $83,600 Due to LTF Pattern

Tony Severino, a crypto analyst, forecasts a potential correction for Bitcoin, indicating a drop to the mid-$80,000 range. His analysis highlights the formation of a Lower Time Frame (LTF) Head and Shoulders pattern on the price chart.

Key Projections

Bitcoin could decline to between $84,800 and $83,600.
The Head and Shoulders pattern suggests a bearish reversal trend.
Severino's chart shows a symmetrical triangle with wave structures indicating possible sideways movement.
After reaching the lower boundary near mid-$80,000, Bitcoin might rebound towards $90,000 before another decline.
A deeper pullback could occur, dropping prices to around $83,600 to $80,200 following any recovery.

Market Sentiment

Some analysts view the current decline as the start of a bear market.
Others, like 'Crypto Caesar', suggest this may be a bear trap preceding a final bull run.
Predictions indicate Bitcoin could eventually peak above $110,000, marking the end of the bull cycle.