#Bitcoin Could Plunge as it Breaks Below $90,000#
Hot Topic Overview
Overview
Bitcoin's recent performance has raised concerns in the market. Kim Kramer Larsson, an analyst at Saxo Bank, pointed out that if Bitcoin falls below the support level of $90,690, it could face a larger drop, possibly even reaching $73,000. The analyst believes that Bitcoin is forming a top, which means that the bullish trend could turn bearish. Despite Bitcoin falling 3.9% over the past five days, it climbed 2.6% on Friday, currently trading at around $94,061, still about 13.2% away from its all-time high. However, the analyst warned that if Bitcoin breaks below the support level, the market could see an "ugly" decline.
Ace Hot Topic Analysis
Analysis
Bitcoin currently faces a risk of decline, with analysts generally believing that a further decline could occur if it breaks below the support level of $90,690. Saxo Bank analyst Kim Kramer Larsson points out that Bitcoin is forming a "head and shoulders pattern," a technical analysis chart pattern that signals a reversal from an uptrend to a downtrend. If Bitcoin breaks below the support level of around $90,680, it could fall to $73,000. Analysts believe that Bitcoin could lose its key support levels and plummet, making the future outlook bleak.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin may break below the $90,690 support level and face a deeper decline.
Bitcoin is forming a head and shoulders pattern, a technical analysis chart pattern that predicts a reversal from an uptrend to a downtrend.
If Bitcoin breaks below the $90,680 support level, it could drop to $73,000.
The Bitcoin market could see a significant decline, and things could get worse.