#Bitcoin breaks support level, could plunge#
Hot Topic Overview
Overview
Bitcoin is currently facing downside risk, according to Saxo Bank analyst Kim Kramer Larsson. He noted that if Bitcoin breaks below the support level of $90,690, it could fall further to $73,000. He believes Bitcoin is forming a “head and shoulders pattern,” a technical analysis chart pattern that suggests a bullish trend will reverse into a bearish trend. While Bitcoin has dropped 3.9% over the past five days, it gained 2.6% on Friday and is currently trading around $94,061, still 13.2% away from its all-time high. Analysts warn that Bitcoin could "get ugly" and face significant downside risk.
Ace Hot Topic Analysis
Analysis
Recently, the price of Bitcoin has been steadily declining, raising concerns about its future trajectory. Saxo Bank analyst Kim Kramer Larsson points out that Bitcoin is forming a "head and shoulders pattern," a technical analysis chart pattern that suggests a possible reversal of the uptrend into a downtrend. If Bitcoin breaks below the support level of $90,680, it could face the risk of dropping to $73,000. Analysts warn that Bitcoin could "get ugly" and lose major support levels, leading to a sharp decline. Currently, Bitcoin has dropped about 13.2% from its all-time high, and its future trajectory remains uncertain. Investors need to carefully monitor market developments.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin could break below the $90,690 support level, exposing it to a much larger decline.
Bitcoin is forming a top according to a so-called head-and-shoulders pattern, a technical analysis chart pattern that predicts a reversal from an uptrend to a downtrend.
If Bitcoin breaks below support around $90,680, it could be on track to fall to $73,000.
The decline in Bitcoin price could get bad.