NewsBTC recently reported that Bitcoin, although still maintaining a position above $100,000, has failed to instill confidence within the cryptosphere. This sentiment is primarily due to the cryptocurrency’s inability to break past new all-time highs during the previous week’s rallies. Furthermore, the Israel-Iran conflict has resulted in a drastic drop, wiping out its weekly growth. As a consequence, bearish forces have gained a stronger footing, making a profound setback more likely.
Renowned crypto analyst MIRZA, in a recent TradingView post, raised the possibility of a significant Bitcoin crash that could further destabilize the market. He highlights the increasing vulnerability of Bitcoin and the emergence of bearish patterns on its price chart.
One key bearish progression was Bitcoin’s failure to rise beyond $111,000, despite being close last week. This resistance level coincides with the previous all-time high, indicating that the digital asset lacks the power necessary for continued growth. This lack of momentum resulted in a decline towards the $103,000 mark as bears regained control.
This pessimistic decline implies the formation of a potential double top or a lower high structure – both negative indicators suggesting the end of an upward trend. MIRZA anticipates a liquidity grab at lower levels, with a potential crash of over 15%, pushing it under $90,000 and possibly as low as $85,000 before finding a bottom.
However, not all hope is lost. If Bitcoin manages to rise above $107,000 and maintain it, the upward trend might still continue. Another analyst, RLinda, echoes this sentiment, suggesting that Bitcoin could range between $102,500 and $106,200 for some time before deciding its direction.
