Model Confirms Bitcoin's Decline! "BTC Fails to Break Through 2017 Trendline, Risk Increases for Sub-$100,000!"

While the massive drop experienced on Friday is being settled as Black Friday in the cryptocurrency market, Bitcoin (BTC) and altcoins are experiencing a ￰0￱ BTC has recovered to $114,000 and Ethereum (ETH) to $4,100, one analyst noted that Bitcoin could fall below $100,000. Market analyst Omkar Godbole said that Bitcoin risks falling below $100,000 after failing to break above its key trend line for the third time, according to ￰1￱ could drop below $100,000 after failing to break the long-term trendline connecting the 2017 and 2021 peaks for a third time, according to the ￰2￱ analyst noted that Bitcoin's three consecutive failures could be seen as a pattern rather than a coincidence, and that this pattern has become the resistance that limits Bitcoin's upward ￰3￱ this point, the analyst said Friday's crash was the third instance of bulls failing to hold above the critical trend line drawn from the 2017 and 2021 ￰4￱ increases the risk of Bitcoin experiencing a deeper decline to $100,000 or below.

“Bitcoin has failed three times to break above the long-term trend line connecting the 2017 and 2021 peaks, reaffirming a medium-term ￰5￱ trendline is acting as a key resistance in the current bullish cycle and technically, three failures form a pattern.” The analyst also noted that the long-wick candles formed throughout July, August and October indicated a significant loss of upward momentum, while the monthly MACD histogram remained lower compared to the December-January ￰6￱ a result, the analyst noted that the upward movement in these indicators has weakened and is signaling weakness around the historical trend ￰7￱ failed to hold above the trend line on its third attempt, making the resistance zone a key battleground for the cycle.

“The MACD histogram also remains in positive territory, but at a lower level than in the December-January rally, suggesting weakening upward momentum.” The analyst recently noted that in the event of a potential downside, the primary support level is the 200-day simple moving average (SMA) at $107,000. A break below this level could send the price falling below $100,000. Conversely, the analyst pointed to $121,800 for a bullish rally. “Bitcoin clearly needs to break above $121,800 to enter an uptrend,” he said. *This is not investment ￰8￱ Reading: Model Confirms Bitcoin's Decline!

"BTC Fails to Break Through 2017 Trendline, Risk Increases for Sub-$100,000!"