A crypto analyst has shared a technical analysis for the Bitcoin price and predicted a predictable crash to $41,000. According to the analysis, Bitcoin has formed an unexpected harmonic ‘Shark’ pattern that could expand its value downward trend. While a drop to this low could heighten the fear and uncertainty already plaguing the market, the analyst emphasizes that the appearance of this pattern is generally bullish.
Shark Pattern Signals Bitcoin Price Crash to $41,000
Crypto analyst Tony Severino revealed at X this Wednesday that Bitcoin forms a rare bullish harmonic pattern on the weekly time frame. Severino warns about this instead of worrying BTC whale activitytraders should not overlook this clear pattern and describe it as a ‘shark in the water’.
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In his accompanying chart, the analyst followed the Shark pattern and showed a ABCD harmonic structure. He set his primary target at “D,” which corresponds to the $41,000 level. Based on the expected trajectory of the pattern, the analyst thinks this will likely be the case for Bitcoin faces more disadvantages. He predicts that the cryptocurrency could still crash to around $41,000, which would eliminate more than 55% of its current price of over $91,000.
In particular, Severino emphasized that harmonic patterns, such as those observed in the BTC chart, often depend on specific Fibonacci ratios. As a result, the numbers observed in the current setup are difficult to ignore. While his initial The projections are significantly bearishthe analyst emphasizes that a harmonic Shark pattern is traditionally considered a bullish reversal signal once the last leg is completed.
Bitcoin’s next move is stuck between bearish and bullish
Another crypto analyst, Ted Pillows, has done just that shared a technical analysis of the Bitcoin price outlook. However, his report outlines one bearish and bullish result depending on how the price of BTC moves in the coming days.
Pillows’ prediction focuses on the levels Bitcoin must regain to avoid a deeper price correction. Currently, the cryptocurrency is trading above $91,500, after dropping around 20% in the past month. Bitcoin has nevertheless also faced significant negative sentiment the recent price recovery.
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In his post, Pillows noted that after rising back above $89,000, Bitcoin is now heading higher and approaching a tough resistance range between $93,000 and $94,000. The analyst has identified this region as a crucial decision point that will determine the next direction of the cryptocurrency.
His graph analysis outlines two possible outcomes. If Bitcoin rebounds and stays above the resistance zone, it could open the door for momentum pushes the price above $100,000. If this threshold is crossed, the cryptocurrency could also rise to $106,000 and $108,000.
On the other hand, if BTC rejects the $93,000-$94,000 range, Pillows expects a pullback towards $88,000. If this level also fails, he has set a lower support zone between $80,000 and $82,000. A further decline below this range could drag Bitcoin’s price to $78,600.
Featured image created with Dall.E, chart from Tradingview.com