Bitcoin Bearish Flag Pattern Says Crash Is Far From Over Despite Crash To $91,000

by

As a seasoned researcher with years of experience navigating the ever-evolving world of cryptocurrencies, I find myself constantly intrigued by the rollercoaster ride that is Bitcoin‘s price action. The latest prediction by Pejman Zwin, a TradingView crypto analyst, has me raising an eyebrow and adjusting my own analysis accordingly.

Zwin’s bearish flag pattern signal suggests a potential Bitcoin price crash towards $90,540, which would represent a 3.6% drop from its current trading price. While I have seen similar patterns in the past that didn’t materialize as predicted, I must admit that the recent break below the 50-day Moving Average and the breach of key support lines are concerning signs.

However, it’s not all doom and gloom. Zwin also presents an alternative bullish scenario where Bitcoin could break above $95,974, invalidating the bearish flag pattern and potentially triggering a rebound. This would align with the optimistic prediction made by ‘Mister Crypto’, who foresees an upcoming Bitcoin breakout to new levels within the next two days.

In the end, as they say in this unpredictable world of crypto, the only certainty is uncertainty. So I’ll keep my popcorn ready and my analysis updated, waiting to see whether Bitcoin will continue its downward spiral or stage a dramatic comeback. And remember, if you can’t afford to lose it, don’t invest in crypto — unless you’re prepared for the occasional rollercoaster ride!

Unexpectedly, Bitcoin’s price dropped to around $91,000 due to weakening market control and increased volatility. However, despite this downfall, an analyst anticipates an even more pessimistic forecast for the top cryptocurrency. The emergence of a bearish flag pattern hints at potential further price decreases, with the analyst estimating a sharper price drop back towards $90,000.

Bearish Flag Pattern Signal Bitcoin Price Crash

According to crypto analyst Pejman Zwin on TradingView, his recent chart analysis points towards a potentially pessimistic trend in Bitcoin’s value. This downward prediction is supported by the emergence of a bearish flag formation, as well as several crucial technical signals.

As per Zwin’s analysis, Bitcoin appears to be following a bearish flag structure – a common technical configuration that typically indicates the resumption of a previous downward trend. Should this flag pattern persist, it seems Bitcoin might be gearing up for a potential sharp drop in price.

The expert noted that the 50-day Moving Average, roughly at $95,974, played a significant role in determining Bitcoin’s price direction as either a resistance or support point. Lately, Bitcoin has fallen below this moving average, an event seen as bearish, potentially leading to more price decreases ahead.

In addition, Zwin revealed that Bitcoin’s value is currently being sustained within a robust support area ranging from $95,000 to $90,870. Furthermore, he drew attention to the fact that Bitcoin is breaching significant support thresholds, which could indicate a possible prolongation of its falling trend.

Based on Bitcoin’s recent price trends in comparison with technical indicators and chart patterns, Zwin predicts a substantial drop in value towards approximately $91,000. He emphasized that such a decline to $91,000 is the minimum projected outcome, which might materialize if Bitcoin breaches its current support levels.

I’ve analyzed the current state of BTC and found that if it breaks through the significant support zone, we might witness additional bearish pressure, potentially pushing the price back towards approximately $90,540. Notably, this bearish Bitcoin price forecast aligns with a recent market downturn that brought the price down to $91,000 on Monday. In the meantime, Bitcoin’s trading activity has been largely sideways, and its bearish trends have shown no signs of abating, suggesting a continued decline in market sentiment.

Despite experiencing a significant dip in its value, Bitcoin has swiftly rebounded and is currently being traded at around $93,893. However, if the forecast by Zwin proves correct and the price drops to $90,540, it would lead to a decrease of approximately 3.6% in Bitcoin’s value.

Alternative Bullish Scenario

As a researcher, I recently delved into analyzing Bitcoin’s price trend, and Zwin’s perspective was particularly interesting. While he painted a pessimistic picture for the Bitcoin price, he also presented a bullish counterpoint that could lead to a recovery. According to his analysis using TradingView, a ceiling of approximately $95,974 might be a potential limit for Bitcoin’s price. If Bitcoin manages to surpass these resistance lines, it could potentially disrupt the bearish flag pattern, suggesting a possible shift towards an upward trajectory.

Meanwhile, it’s worth mentioning that a well-known market expert, often referred to as ‘Mister Crypto’, has forecasted a future Bitcoin surge beyond current levels on platform X (previously Twitter). This analyst anticipates that within the next two days, Bitcoin could overcome its current bearish tendencies and possibly revert back to its previous upward trajectory.

Read More

2025-01-01 00:41