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He <a target="_blank" href="https://bitcoinist.com/bitcoin-crashes-95000-whale-exchange-3-billion/amp/” rel=”nofollow”>bitcoin price drop to $91,000 was unexpected, driven by the decline <a target="_blank" href="https://bitcoinist.com/bitcoin-dominance-breakdown-confirmed-the-next-altseason-is-right-around-the-corner/amp/” rel=”nofollow”>market dominance and increasing volatility. Despite this setback, one analyst predicts an even bleaker outlook for the leading cryptocurrency. The formation of a bearish flag pattern suggests that further price declines could be on the horizon, with the analyst projecting a steeper price decline towards $90,000.
Bearish Flag Pattern Signals bitcoin Price Fall
TradingView crypto Analyst Pejman Zwin <a target="_blank" href="https://www.tradingview.com/chart/BTCUSDT/KNzqzHa7-bitcoin-is-Ready-to-Fall-by-Flag-Pattern/”>released a graphical analysis that predicts a significantly bearish outlook for the price of bitcoin. The analyst based this gloomy prognosis on the emergence of a bearish flag pattern and other key technical indicators.
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According to Zwin, bitcoin is moving within a bearish flag patterna technical formation that often indicates a continuation of a previous downtrend. If this flag pattern holds, bitcoin is likely preparing to fall, which could lead to serious price declines.
The analyst indicated that the 50-day moving average (MA)around the $95,974 mark, acted as a key resistance or support level for bitcoin. However, the cryptocurrency recently broke below this MA, a development considered bearish, suggesting further downside.
Zwin also revealed that bitcoin is moving within a strong support zone between $95,000 and $90,870. Furthermore, he highlighted that the pioneering cryptocurrency is breaking key support lines, indicating potential <a target="_blank" href="https://bitcoinist.com/past-trends-points-to-a-potential-30-bitcoin-dip/amp/” rel=”nofollow”>continuation of the downward trend.
Looking at bitcoin price action in relation to the aforementioned technical indicators and chart patterns, Zwin anticipates a significant price drop towards $91,000. The analyst highlighted that a drop to $91,000 was the expected low, which would occur if bitcoin breaks the current support lines.
He also revealed that if the heavy support zone is broken, btc could face further downward pressure, potentially <a target="_blank" href="https://bitcoinist.com/bitcoin-price-crashes-below-93000-top-3-reasons/amp/” rel=”nofollow”>reviewing lower price levels around $90,540. Interestingly, Zwin's bearish bitcoin price prediction follows a recent price drop to $91,000 on Monday. During this sideways trade bitcoin Market Sentiment Has Declinedand its bearish price action shows no signs of slowing down.
Although the price of bitcoin suffered a sharp drop, it quickly recovered and is now trading at $93,893. However, a price drop to Zwin's projected $90,540 target would result in bitcoin falling by approximately 3.6%.
Alternative bullish scenario
While projecting a bearish outlook for bitcoin priceZwin provided an alternative bullish scenario that could trigger a bounce. According to the TradingView analyst, around $95,974 could be a ceiling for the price of bitcoin. If btc can break above the resistance lines, it could invalidate the bearish flag pattern, indicating a possible reversal to the upside.
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Furthermore, a market expert known as 'Mister crypto' on x (formerly twitter) has<a target="_blank" href="https://x.com/misterrcrypto/status/1874008591759532535?s=46″ rel=”nofollow”> provided an upcoming bitcoin breakout to new levels. The analyst suggests that in the next two days, bitcoin could overcome bearish trends and potentially resume its previous uptrend.
