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RLinda, a TradingView crypto analyst who predicted Bitcoin’s previous crash from $91,000, has shared another bearish forecastfor the pioneer cryptocurrency. According to the analyst, more pain may be on the horizon for Bitcoin, as it is expected to plummet as low as $73,000.
Bitcoin is currently struggling to maintain its former momentumas bearish factors dominate the market. According to RLinda, the cryptocurrency has entereda sell zone after failing to hold above the buying zone above $91,000, thus initiating a false resistance breakdown. Given its current bearish position, the analyst predicts a major crashto new lows for Bitcoin, anticipating an 11% decline to $73,000 soon. Bitcoin Price Set To Crash To $73,000
RLinda revealed that the market’s volatilitywas partially attributed to Donald Trump’s comments on the Federal Reserve. The market reacted to the US President’s statements with a global shake-up, causing liquidations across the crypto space.
Related Reading: Bitcoin 9-Month Cycle Says It’s Not Over, Analyst Shows Where We Are In The Bull Run
Additionally, the crypto summit, which was expected to spark bullish sentiment, did little to boost prices. Instead, it prevented the market from turning green. This market downturn has led to profit-taking by investorsdue to the lack of market and manipulation by big players. BTC eyes further decline | Source: RLinda on Tradingview
Based on the analyst’s price chart, Bitcoin is trading within the $90,000 – $82,000 range. The cryptocurrency dropped to this price after experiencing a slight price pumpin late February. Following this increase, Bitcoin lost all of its gains and has since been aiming for a recovery.
RLinda warns that if Bitcoin breaks below the $82,000 support level, it could experience a significant price breakdowntowards $78,000 – $73,000. The TradingView analyst has highlighted $73,000 as the primary crash target, citing that Bitcoin is currently in a deep correction phase.
With global growth temporarily suspended, RLinda revealed that the market is in dire need of liquidity.The analyst indicated that if the market’s growth relies too much on bullish leverage and new buyers without proper correction, it may become unstable. A correction phase, like the one Bitcoin is currently experiencing, may allow liquidity to reset and prepare the market for future upward movements. BTC Key Resistance And Support Zones
RLinda has pinpointed key resistance and support levelsfor the Bitcoin price, sharing insights into potential reversal points. The TradingView analyst asserts that the price zone with the most interest and liquidity is $73,000 – $66,000. Related Reading Legendary Analyst Peter Brandt Lists 6 Reasons Bitcoin Has Flipped Bullish 1 week ago
While a breakdown to $66,000 may seem like a steep decline, it could serve as a critical area for market stabilization. Moreover, further bearish movementswould be confirmed if Bitcoin drops below $82,000. Currently, the resistance levels to watch are $89,400, $91,000, and $93,000. Conversely, the support areas to take note of are $82,000, $78,000, and $73,000. BYC trading at $82,554 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Unsplash, chart from Tradingview.com