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Analysts are currently leaning towards a further breakdown in the Bitcoin price, as market volatility has positioned the pioneer cryptocurrency in a tight consolidation zone. Crypto expert Hamed_AZ on TradingView has shared a bullish and bearish outlook for the Bitcoin price. However, the analyst highlights that a crash of $85,000 is more likely.
According to Hames_AZ, the Bitcoin price is set to decline further, possibly reaching new lows at $85,000. The analyst revealedthat the cryptocurrency continues to trade sideways, failing to break out of its present consolidation zone. Bitcoin Price Set To Crash To $85,000
Earlier this month, the Bitcoin price crashed to new levels below $100,000, failing to break key resistance areas in its attempt to reach new all-time highs. At the time, the sharp decline was likely due to broader market volatility and a shift in sentiment. However, the cryptocurrency has failed to recover its position above $100,000, driven by downward pressure from recent tariffs implemented by the United States on other countries. Related Reading This Analyst Correctly Predicted The Bitcoin Price Crash To $99,000, Here’s What’s Supposed To Happen Next 1 month ago
Hames_AZ asserts that the market will remain in a downtrend, with no hint of an upward movement, if Bitcoin continues to trade below key resistance levels. Sharing two possible scenarios for the cryptocurrency’s future trajectory, the analyst leaned towards a more corrective outlook, projecting that Bitcoin could retrace back to the support zone before initiating another upward move. Source: Hames AZ on Tradingview
As indicated in the green area in his price chart, the analyst pinpointed Bitcoin’s support zonebetween $85,000 and $87,500. While Bitcoin is historically known for not staying in a downtrend for too long, the TradingView analyst still expects further breakdown in its price, highlighting that a decline at this time is a more probable scenario.
In the chart, the analyst also illustrates a descending channel pattern, where the price of Bitcoin is clearly moving within a downward-sloping channel, indicating a short-term downtrend. The Fibonacci level at 0.382 further aligns with the support zone, making it a strong potential area for a price reversal.
Based on the analyst’s projection, a bounce from this support would invalidate further bearish momentum. Additionally, the support zone serves as a critical demand area where buyers typically step in, reinforcing price stability. Possible Bullish Scenario If Key Resistance Levels Are Breached
While sharing a bearish prediction of the Bitcoin Price to $85,000, Hames_AZ also presented an alternative bullish scenariothat could propel the cryptocurrency to new all-time highs. The TradingView analyst believes that if Bitcoin can successfully break resistance levels between $97,000 and $102,500 and close above them, then the market should anticipate a continuation of its previous uptrend. Related Reading This Analyst Called The Bitcoin Price Crash Early, Total Prediction Says More Pain Is Coming 5 days ago
A confirmed breakout from this resistance area would signal stronger market dynamics and further growth for the Bitcoin price. Based on his analysis, he expects Bitcoin to rise as high as $120,000, surpassing previous all-time highsattained earlier this year. BTC trading at $95,501 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com