#Bitcoin breaking below support could lead to a significant drop.#
Hot Topic Overview
Overview
Bitcoin is currently at risk of a decline. Saxo Bank analyst Kim Kramer Larsson points out that a further significant drop could occur if Bitcoin falls below the support level of $90,690. He believes Bitcoin is forming a "head and shoulders pattern," a technical analysis chart formation that suggests an uptrend will reverse to a downtrend. If the support level is broken, Bitcoin could drop to $73,000. Other analysts share a similar view, suggesting Bitcoin may lose its key support levels and crash.
Ace Hot Topic Analysis
Analysis
Bitcoin's recent movements have sparked market concerns, with analysts warning of a potential break below support levels and a significant decline. Kim Kramer Larsson, an analyst at Saxo Bank, pointed out that if Bitcoin breaks below the $90,690 support range, it could face a steeper drop, potentially reaching $73,000. He analyzed that Bitcoin is forming a "head and shoulders pattern," a technical analysis chart pattern that foreshadows a reversal from an uptrend to a downtrend. This pattern suggests that Bitcoin's price may have peaked and a significant decline is ahead. Other analysts have echoed similar concerns, suggesting that the Bitcoin market may be in for an "ugly" period. Despite Bitcoin's 2.6% gain on Friday, it remains 13.2% below its all-time high, and market sentiment remains cautious.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin could break below support and fall sharply
Bitcoin is forming a head and shoulders pattern, predicting a reversal from bullish to bearish trend
If Bitcoin breaks below support at around $90,680, it could face a drop to $73,000
Bitcoin price decline could be related to chart patterns in technical analysis