#Bitcoin breaking support level, potential for further decline.#
Hot Topic Overview
Overview
Bitcoin is currently facing downside risks, with analysts warning of a potential break below support levels and a sharp decline. Saxo Bank analyst Kim Kramer Larsson has pointed out that if Bitcoin breaks below the support level of $90,690, it could drop to $73,000. The analyst believes Bitcoin is forming a "head and shoulders pattern," a technical analysis chart pattern that suggests a potential reversal from a bullish trend to a bearish one. Despite falling 3.9% over the past five days, Bitcoin rose 2.6% on Friday, currently trading at around $94,061, still 13.2% off its all-time high.
Ace Hot Topic Analysis
Analysis
Bitcoin's recent price action has sparked market concerns, with analysts pointing to a potential break below support levels and a significant decline. Kim Kramer Larsson, an analyst at Saxo Bank, believes that if Bitcoin breaks below the $90,690 support area, it could face a steeper drop, potentially reaching $73,000. He analyzes that Bitcoin is forming a “head-and-shoulders pattern,” a technical analysis chart pattern that indicates a reversal from an uptrend to a downtrend. This pattern suggests that Bitcoin prices may have peaked and a downtrend is likely to follow. Currently, Bitcoin prices have fallen by about 13.2% from their all-time high, and future movements remain uncertain. Investors need to cautiously monitor market developments.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin could break below the $90,690 support level
After breaking below the support level, Bitcoin could face a bigger decline, possibly even dropping to $73,000
Bitcoin is forming a head-and-shoulders pattern, which suggests a reversal from a bullish trend to a bearish trend
Bitcoin price could see a significant decline, and things could get worse