#Bitcoin could fall as it breaks support levels.#
Hot Topic Overview
Overview
Bitcoin is currently facing a risk of decline. Saxo Bank analyst Kim Kramer Larsson pointed out that if Bitcoin breaks below the support level of $90,690, it may face a larger decline, possibly even falling to $73,000. He believes Bitcoin is forming a “head and shoulders pattern”, a technical analysis chart formation that signals a reversal from an uptrend to a downtrend. While Bitcoin has declined by 3.9% over the past five days, it rose by 2.6% on Friday, currently trading at around $94,061, but still lagging behind its all-time high. Analysts warn that Bitcoin’s future trajectory could “get ugly”.
Ace Hot Topic Analysis
Analysis
Bitcoin's recent movement has sparked market concerns. Kim Kramer Larsson, an analyst at Saxo Bank, has pointed out that if Bitcoin breaks below the $90,690 support level, it could face a more significant decline. He analyzes that Bitcoin is forming a "head and shoulders" pattern, a technical analysis chart pattern that signals a reversal from a bullish trend to a bearish trend. If it breaks below the $90,680 support level, Bitcoin could fall to $73,000. Other analysts have echoed similar sentiments, suggesting that Bitcoin may lose key support levels and plummet. Over the past five days, Bitcoin has declined by 3.9%, although it rose 2.6% on Friday, it still remains about 13.2% below its all-time high of $108,309, set on December 17, 2024. Currently, there are mixed sentiments regarding Bitcoin's future trajectory, with some analysts expecting further decline while others remain optimistic.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin could break below the $90,690 support level and face a bigger decline.
Bitcoin is forming a head and shoulders pattern, a technical analysis chart pattern that predicts a reversal of the uptrend to a downtrend.
If Bitcoin breaks below the support level around $90,680, it could fall to $73,000.
Bitcoin could lose its major support level and plunge.