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Although the price of Bitcoin is still held at over $100,000, it has not yet fully inspired confidence in the crypto community lately. This is because digital assets failed to surpass new all-time highs at last week’s rally and have plummeted with the Israel-Iran conflict, eliminating weekly earnings. After this, the bear has gained a larger foundation and is now more in control of the price of cryptocurrencies. Therefore, during this period, the probability of deep collapse increases.
Bitcoin may be priced below $90,000
In the Transaction View post, pseudo-crypto analyst Mirza called for a Bitcoin price crash, which could make the market even more vigorous. Crypto analysts point to the weakness of Bitcoin’s price rise and the bearish way it is on its price list.
Related Readings
The first bearish development to note is that despite close proximity last week, the price of Bitcoin still did not reach above $111,000. Since this is a resistance to high lies ever seen before, it shows that there is still not enough power in digital assets to continue its rise. As a result, as the bear stands again, the decline sends it back $103,000.
This bearish drops suggest that the asset is now forming a potential double top or lower high structure. Both are signs of badness for any asset, as it shows that the upward momentum is over and there is nowhere to go. Changes in momentum towards negative suggest that there may be liquidity at lower levels.
Crypto analysts predict that if the price of Bitcoin can fall to $107,000 and maintain it, it may continue the uptrend. Otherwise, the Bitcoin price is expected to collapse more than 15%, pushing it higher by $90,000 to as low as $85,000.
BTC bearish sentiment growth
Mirza isn’t the only crypto analyst who calls the price of Bitcoin crash. Rlinda also landed on the platform, sharing her expectations for the largest cryptocurrency in market capitalization. She noted that the Israel-Iran conflict is the reason why Bitcoin prices lose their bullish trend and are trending downward at this point.
Related Readings
However, Bitcoin has continued to maintain support over $100,000 so far, which shows some strength. As a result, analysts explained that BTC prices could end up being between $102,500 and $106,200. However, the ending may end up taking two ways.
If Bitcoin breaks more than $106,200, it will rise again above $110,000. But if it loses $102,500 in support, the next crash will be sent to $100,000 again.
Featured pictures from dall.e, charts from tradingview.com
