Apr 13, 2025
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Bitcoin Analyst Predicts Price Drop To $51,400 Amid Bearish Pattern
Analyst Cryptododo7 has issued a bearish prediction for Bitcoin despite its recent price rally from $75,000 to $86,000, citing potential downside risks.
Bearish Pennant Formation Indicates Possible Price Decline
- The formation of a bearish pennant follows a double top reversal signal.
- Historical context: Bitcoin dropped from $96,000 to $76,000 in February before consolidating.
- The lower boundary of the pennant is around $74,000; closing below this level may confirm further declines.
- A projected target of $51,400 aligns with Bitcoin's strongest support level at the 200-week moving average.
Majority of Binance Traders Hold Short Positions
- 56.18% of traders on Binance are shorting Bitcoin, predicting a price decline.
- This sentiment contrasts with Bitcoin's upward movement recently.
- Current Bitcoin price is $85,416, reflecting a 2.50% gain in the last 24 hours.
- Daily trading volume has decreased by 40.07%, totaling $25.10 billion.
