After reaching a new of all time last month, the Bitcoin price has since been with more than 10%withdrawn and crashed again below $ 110,000. This Bearish pressure continued to the new month, whereby sale is the order of the day, especially if investors move to guarantee their profit. Despite calls for a possible soil, a crypto analyst has suggested that the Bitcoin -Crash is not nearly over. In fact, due to the analysis, the decline may simply start if Bitcoin is expected to continue tumbling.
Why a crash up to $ 93,000 is on your hands
In the analysis, Crypto analyst MMBTTrader acknowledged The fact that the Bitcoin price is already under enormous pressure. This is evident from the fact that the cryptocurrency has been rejected from $ 120,000 and now has fallen back to the next large support zone.
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Until now, the level of $ 108,000 has acted as support, which prevents further decline. However, because sellers are still in charge of the market, it is possible that this level does not apply long. Looking at the wider image, the crypto analyst calls for further price fall, and this can cause a step -by -step effect.
As the analyst explains, this happens because the market needs some rest. There is also the trend line that started in 2024, shown by the line in the green, which suggests where the Bitcoin price could fall after that. A retest of this trendline suggests that Bitcoin can dump back to $ 93,000Where the trendline makes its next contact.
Of course, the next retest of the trendline would in this case mean that this support is achieved. But there is also the fact that the momentum does not indicate a possible Bitcoin -Prize Referstel. Even after reaching $ 93,000, the analyst expects a further breakdown and a switch to just $ 70,000.
Why Bitcoin price could still jump
In the case of bulls that can retain support and activate a bouncer, the crypto analyst shows that there is Still a possibility of a price jump. Here the price should recover the trendline above $ 117,000 to complete the upward continuation.
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A price jump from this support level could end in another price increase of 30%, which pushes the price above the $ 137,000 level. However, the analyst remains determined that there is more the possibility of a breakdown. “I am thinking about breaking to the disadvantage and more dump after that, like red arrows, perhaps now with a higher possibility,” MMBTTrader explained.
Featured image of dall.e, graph of tradingview.com