#Bitcoin Falls Below Support, Could Be Facing a Big Drop#
Hot Topic Overview
Overview
Bitcoin is currently facing downside risks, with analysts warning of a potential break below support levels that could lead to a significant drop. Saxo Bank analyst Kim Kramer Larsson notes that if Bitcoin breaks below its support level of $90,690, it could potentially fall to $73,000. He believes that Bitcoin is forming a "head and shoulders pattern," a technical analysis chart pattern that suggests a reversal of the bullish trend into a bearish one. Despite a 3.9% decline in the past five days, Bitcoin rose 2.6% on Friday and is currently trading around $94,061, but still remains 13.2% away from its all-time high.
Ace Hot Topic Analysis
Analysis
The recent decline in Bitcoin prices has sparked market concerns. Saxo Bank analyst Kim Kramer Larsson pointed out that if Bitcoin breaks below the $90,690 support level, it could face a much larger decline. He believes that Bitcoin is forming a “head and shoulders pattern,” a technical analysis chart pattern that suggests a reversal from an uptrend to a downtrend. If Bitcoin breaks below the $90,680 support level, it could fall to $73,000. Other analysts have expressed similar concerns, suggesting that Bitcoin may lose major support and plummet. They point out that Bitcoin is currently down about 13.2% from its all-time high, and the future outlook is not optimistic. Although Bitcoin saw some rebound on Friday, the market generally believes that Bitcoin prices are still facing downward pressure and its future performance needs close monitoring.
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 much larger decline, even falling to $73,000.
Bitcoin is forming a head and shoulders pattern, signaling a reversal of the bullish trend to bearish.
The price of Bitcoin could get ugly.