Bitcoin Price Crash Continues, Analysts Predict Further Decline
The recent Bitcoin price crash has broken below the $112,000 support level, with predictions indicating further declines.
Key Points
- Crypto analyst HAMED_AZ highlighted a descending channel, signaling a bearish trend for Bitcoin.
- Resistance at $117,000-$120,000, coupled with the 61.8% Fibonacci retracement level, triggered the downturn.
- If Bitcoin stays under $118,000-$120,000, bearish pressure is expected to persist. Possible targets are below $106,000 and as low as $96,000.
Bearish Momentum
- Pseudonymous analysts on TradingView indicate that breaking below the ascending trendline and Ichimoku cloud points to continued bearish momentum.
- With $113,000 support lost, prices could drop to $108,000 before stabilizing. A recovery requires reclaiming $113,000-$114,500 or closing above $115,000.
Conversely, analysts like CrypFlow see potential for a bullish rally due to squeezed Bollinger Bands, a bullish Stochastic RSI cross, and a momentum explosion.