Bitcoin Price Crash Below $100,000 Coming? Factors That Highlight Another Decline

With the Bitcoin price seeing some recovery after crashing to $102,000, speculations now abound as to where the pioneer cryptocurrency could be headed ￰0￱ far, it has been a mixed bag, with some expecting a rally similar to the COVID rally to follow, and others believing that this is the start of the bear ￰1￱ the same vein, a pseudonymous crypto analyst has painted a clear picture of where they expect the Bitcoin price to go, depending on how it performs in relation to the midpoint ￰2￱ Happens If The Bitcoin Price Stay Above the Midpoint? Presently, the midpoint line is important to the performance of the Bitcoin ￰3￱ is because it lies firmly between the major support and resistance that were seen in the last few ￰4￱ puts the midpoint at around $111,994, marking the next decisive point for the ￰5￱ Reading: XRP Open Interest Crashes 50% Over The Weekend, What Does This Mean For Price?

As the crypto analyst explains, if the Bitcoin price is able to stay above the midpoint, then the next major resistance that it would need to beat lies at the 0.75 Fibonacci ￰6￱ translates to the $117,605 price level, making it the point where the bears could mount the most resistance, especially given the fact that this trend is bearish on the lower time frames. Nevertheless, staying above this midpoint would mean that the trend remains bullish and in favor of the buyers. Thus, it would send the trend for a rally confirmation, and potentially lead the charge toward the next bid for new all-time highs. “A V-shaped recovery and move straight to the highs would be max pain after such a brutal move down,” the analyst ￰7￱ Could Still Reclaim Control While the Bitcoin price staying above the midpoint is still bullish, there are way more bearish implications if the price breaks down at this ￰8￱ analyst points out that losing the midpoint level would mean that the Bitcoin price was once again open to backfilling the ￰9￱ Reading: XRP About To Stage A Repeat Of 2017?

Here’s What Happened Last Time There Was A Flash Crash This wick refers to the flash crash wick that was established last Friday, when the Bitcoin price fell to $102,000. The market continues to struggle to recover from the last crash, even with Bitcoin being above $110,000, and another breakdown toward $102,000 could be catastrophic for ￰10￱ support of the bearish thesis, another crypto analyst also pointed out that the Bitcoin price is exhibiting signs of ￰11￱ this, it is possible that Bitcoin could form a reversal pattern and continue the price ￰12￱ here, the analyst sees the price eventually crashing below $100,000 before finding ￰13￱ image created with Dall.

E, chart from ￰14￱