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The The Bitcoin price may crash if it fails to hold key resistance levels. A crypto analyst has revealed that a drop to $89,000 was more than possible sale below the $100,000 mark continue to hamper Bitcoin’s upward momentum.
Bitcoin price correction up to $89,000 possible
On November 26, TradingView crypto analyst Pejman Zwin said shared a detailed chart showing a technical analysis of Bitcoin price movements in a period of 1 hour. The Bitcoin price chart highlighted vital resistance lines, support zones and technical indicators that point to an impending crash.
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At the top of the price chart is a yellow zone identified as the Potential Reversal Zone (PRZ), where Bitcoin is expected to encounter significant resistance is aiming for the $100,000 milestone. The chart also highlights a horizontal resistance line at around $95,904, which Bitcoin previously found difficult to break.
At current resistance levels between $97,000 and $98,000, Zwin has indicated that if Bitcoin can successfully break above these thresholds, the price could rise significantly towards $100,000.
On the other hand, Bitcoin would be a huge price drop if it fails to reach the resistance levels mentioned above. The analyst’s price chart shows green zones that represent crucial support cones where Bitcoin could bounce back if the price corrects.
If Bitcoin falls below the support levels between $95,600 and $92,000 and breaks the bottom line of the ascending channel on the chart, Zwin has predicted that the price could fall to $89,000 this bull cycle. The analyst describes this crash point as the “cumulative long liquidation leverage, where Bitcoin could see its price correction between $91,000 and $89,000, representing an 8% to 10% crash for the pioneering cryptocurrency.
Key Factors That Push the BTC Price Up
On the other hand, Zwin revealed in his Bitcoin analysis report that the cryptocurrency is pumping againdriven by a wave of positive market sentiment, fueled by recent headline-making developments in the crypto space. The analyst revealed that the news from the Chinese court the legality of Bitcoin and crypto ownership has been a major catalyst behind the sharp rise in the price of BTC.
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Additional, Donald TrumpThe White House’s plans to appoint a White House crypto advisor have significantly increased the BTC price, pushing it to current levels and allowing it to break major resistance lines.
Based on the chart above, Zwin reveals that Bitcoin has entered five new impulsive waves Elliott wave theory. This bullish development occurred after the cryptocurrency broke past the key resistance lines.
Moreover, Zwin’s Bitcoin price chart shows a ‘Bump and Run Top Pattern’, where the cryptocurrency has already completed the ‘Bump phase’ and is entering a ‘Run phase’. Taking this into account, the analyst has predicted that if Bitcoin can rise above $98,700, investors and market watchers can expect Bitcoin to rise to $100,000.
Featured image created with Dall.E, chart from Tradingview.com
