#Bitcoin breaks support, could fall further#
Hot Topic Overview
Overview
Bitcoin is currently facing downside risks, with analysts predicting a potential break below support levels and a significant decline. Saxo Bank analyst Kim Kramer Larsson points out that if Bitcoin breaks below the $90,690 support level, it could fall to $73,000. He believes Bitcoin is forming a "head and shoulders pattern," a technical analysis chart pattern that suggests a reversal from an uptrend to a downtrend. Although Bitcoin rose 2.6% on Friday, its price has fallen 3.9% over the past five days and is currently down about 13.2% from its all-time high.
Ace Hot Topic Analysis
Analysis
Bitcoin's recent price action has sparked market concern, with analysts widely predicting a potential break below support levels and further declines. Kim Kramer Larsson, an analyst at Saxo Bank, pointed out that if Bitcoin breaks below the $90,690 support level, it could face a more significant drop, potentially reaching as low as $73,000. He believes Bitcoin is forming a "head and shoulders pattern," a technical analysis chart pattern that suggests a reversal from an uptrend to a downtrend. Additionally, other analysts have expressed similar concerns, suggesting a potentially "ugly" trajectory for the Bitcoin market. Although Bitcoin rose 2.6% on Friday, it remains 13.2% below its all-time high, and its future direction remains uncertain.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin could break below the $90,690 support level, facing a larger decline.
Bitcoin is forming a head and shoulders top pattern, signaling a reversal from a bullish trend to a bearish trend.
If Bitcoin breaks below the $90,680 support level, it could fall to $73,000.
The decline in Bitcoin price could get ugly.