With the price of Bitcoin surpassing $78,000 last week, it happened Triggered bullish sentiment In the crypto market again. The move has also led to expectations that the price of Bitcoin will return to the 6-digit level. However, not everyone follows this school of thought and believes the rise will continue. Cryptocurrency analyst Behdark revealed the bullish outlook, predicting that the cryptocurrency price will head lower before recovering.
How much will the price of Bitcoin fall?
Despite the price increase, the cryptocurrency analyst has anticipation It is likely that the price of Bitcoin will collapse first from here. Bhadrak believes that market sentiment may be bullish as well Misleading investorsbecause this may be a deliberate ploy by market makers to get the largest number of people involved before the price collapses again.
As the analyst explains, Bitcoin’s fundamental structure is still very bearish, especially given the fact that the digital asset seems to be forming a triangle or magnetic pattern. The latter is a complex corrective pattern, which means it is often full of recovery before breaking down again.
In either case, both models indicate a high probability that… Bitcoin price will fall first Before up. Hence, there are likely to be opportunities to buy the cryptocurrency at a lower price before eventually waiting.
With this, the cryptocurrency analyst has identified the key levels that investors should pay attention to and which may be the best time to actually sell the cryptocurrency. Basically, there are two most interesting levels where the Bears can make their stand In terms of establishing resistance.
The first is just above $77,000, where the price continues to face declining momentum. Next is the $80,552 level, where there is likely to be more Resistance to current surgeMaking them the points that may lead to a downward corrective trend.
Once the decline starts, the first stop point will be just above $72,800 for the first support level. Next is the $67,885 level for better support, but a break of this level will eventually lead to another 10% breakdown. The last major level is $67,677, which is still above the level Support the established course From $60,000.
Featured image from Dall.E, chart from TradingView.com
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