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The Bitcoin price crash to $91,000 was unexpected, driven by a decline market dominance and increasing volatility. Despite this setback, one analyst predicts an even bleaker outlook for the leading cryptocurrency. The formation of a bearish flag pattern suggests further price declines are in store, with the analyst predicting a steeper price drop towards $90,000.
Bearish flag pattern signal Bitcoin price crash
Pejman Zwin, a Crypto Analyst from TradingView, issued a chart analysis predicting a significantly bearish outlook for the Bitcoin price. The analyst based this gloomy forecast on the appearance of a bearish flag pattern and other important technical indicators.
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According to Zwin, Bitcoin moves within a bearish flag patterna technical formation that often indicates a continuation of a previous downtrend. If this flag pattern holds, Bitcoin is likely preparing for a downward move, which could lead to serious price declines.
The analyst indicated that the 50-day moving average (MA)around $95,974, acted as a key resistance or support level for Bitcoin. However, the cryptocurrency recently broke below this MA – a development that is considered bearish and signals even more downsides.
Zwin also announced that Bitcoin is moving within a heavy support zone between $95,000 and $90,870. Moreover, he highlighted that the pioneer cryptocurrency is breaking major support lines, indicating potential continuation of the downward trend.
Looking at Bitcoin’s price action against the above-mentioned technical indicators and chart patterns, Zwin expects a significant price crash towards $91,000. The analyst emphasized that a drop to $91,000 was the minimum expected level, which would happen if Bitcoin breaks the current support lines.
He also revealed that if the heavy support zone is broken, BTC may face further bearish pressure re-examining lower price levels approximately $90,540. Interestingly, Zwin’s bearish Bitcoin price prediction follows a recent price crash to $91,000 on Monday. During this sideways trade Bitcoin market sentiment has droppedwith the bearish price action showing no signs of slowing down.
Although the price of Bitcoin fell sharply, it has quickly recovered and is now trading at $93,893. Nevertheless, a price drop to Zwin’s expected target of $90,540 would result in a Bitcoin crash of around 3.6%
Alternative bullish scenario
As he projected a bearish outlook for Bitcoin priceZwin offered an alternative bullish scenario that could cause a rebound. According to the TradingView analyst, around $95,974 could be a ceiling for Bitcoin’s price. If BTC can break above the resistance lines, it could invalidate the bearish flag pattern, signaling a possible reversal to the upside.
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On the other hand, a market expert known as ‘Mister Crypto’ on X (formerly Twitter) has predicted an upcoming Bitcoin breakthrough to new levels. The analyst suggests that Bitcoin could overcome bearish trends in the next two days and possibly resume its trend previous upward trend.
