Bitcoin Will Crash

last updated on

Bitcoin Will Crash

Bitcoin (Btc) Will Crash Below $60,000

Bitcoin (BTC) is trading above $100K, but that could change in the coming months. According to some analysts, there's a good chance that Bitcoin (BTC) will crash towards $60,000 or even lower.

If we look at the way up, there are many resistance levels, such as $120K and $130K. Beyond that, there is uncharted territory, but analysts believe $150K could prove to be a very strong resistance for Bitcoin (BTC).

Bitcoin (Btc) Faces Multiple Headwinds

On the way down, the most obvious support is at $100K and then $90K. Below that, there are also a lot of support levels, but the most significant ones are at $60K and then $50K.

If we look back at the weekly chart of Bitcoin (BTC), it becomes clear that it is going through a phase of correction. Since weekly is a long timeframe, the correction could last for several months.

Also, there's a rising wedge pattern on the BTC chart, which is a bearish structure. So, once we have a breakout, Bitcoin (BTC) is highly likely to crash towards $100K.

Another analyst believes that once Bitcoin (BTC) breaks below the structure, it will decline all the way down to $58K.

There are also other bearish catalysts for Bitcoin (BTC), making things more complicated. For starters, Bitcoin (BTC) is above the 200 MA on the weekly chart. So in the case of mean reversion, Bitcoin (BTC) could crash towards $58K-$59K.

crash towards $58K would mean a decline of almost 55% from the ATH. Given the history and volatility of Bitcoin (BTC), it shouldn't come as a surprise if we see a drop like this.

For starters, a 77% decline was seen in 2022, which sent Bitcoin (BTC) toward $15392. This happened when the Terra as well as the FTX crashed.

However, some analysts believe that a decline in Bitcoin (BTC) could provide good entry points for potential investors.

Trending Stories