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RLinda is a TradingView analyst and crypto expert who has predicted Bitcoin’s past crash, from $91,000 to $8,500, in a previous post. bearish forecast For the pioneer cryptocurrency. The analyst believes that Bitcoin is in for more pain, with a possible drop to as little as $73,000.
Bitcoin has become a popular cryptocurrency. struggling to maintain its former momentum As bearish factors dominate. According to RLinda cryptocurrency is a bear market. entered After failing to maintain above the $91,000 buying zone, a false breakdown of resistance was initiated. Analysts are currently bearish, given the current position. predicts a major crash Bitcoin is expected to reach new lows soon, with a 11% drop to $73,000.
Bitcoin to drop from $73,000 to $63,000
RLinda revealed the market’s volatility Donald Trump’s remarks on the Federal Reserve. After the US president’s comments, the market went into a worldwide shakeup that caused liquidations throughout the cryptospace.
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Also, crypto summitThe price increase was not as strong as expected. It prevented the market turning green. It has caused a market decline. profit-taking by investors Due to market manipulation and lack of competition, there is a shortage of products.
Based on the analyst’s price chart, Bitcoin is trading within the $90,000 – $82,000 range. After experiencing a drop in price, the cryptocurrency has now reached this level. slight price pump Bitcoin reached its highest level in February. Bitcoin’s gains were erased after this. aiming for a recovery.
RLinda says that if Bitcoin falls below $82,000, the price could fall by as much as a significant price breakdown towards $78,000 – $73,000. TradingView’s analyst highlighted $73,000, noting that Bitcoin has entered a period of deep correction.
RLinda has revealed that global growth is temporarily suspended. dire need of liquidity. According to the analyst, if a market relies heavily on leveraged bullish growth and new buyers with no proper corrections it could be unstable. The correction period, which Bitcoin is currently going through, could allow the liquidity to reset, and set the market up for further upward movement.
BTC key resistance and support zones
RLinda pinpointed key resistance and support levels Share insights on potential price reversal areas. The TradingView analyst asserts that the price zone with the most interest and liquidity is $73,000 – $66,000.
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Although a drop to $66,000 might seem steep, this could be a crucial area in stabilizing the market. Furthermore, the further bearish movements If Bitcoin falls below $82,000, it would confirm the fact. At the moment, resistance levels worth watching are $89400, $91,000 and $93,000. In contrast, you should pay attention to the areas of support, which are $82,000 $78,000 and $73,000.
Featured Image from Unsplash. Chart by Tradingview.com
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Source: www.newsbtc.com
