Analysts are currently looking at a Additional discussion of the price of bitcoinBecause market volatility has positioned the pioneer cryptocurrency in a tight consolidation area. The expert in crypto Hamed_az on TradingView shared a bullish and bearish perspective for the Bitcoin Prize. However, the analyst points out that a crash of $ 85,000 is more likely.
According to Hames_az, the price of Bitcoin should still decrease, perhaps reaching new hollows at $ 85,000. The analyst revealed that cryptocurrency continues to exchange laterally, not leaving its Current consolidation zone.
Bitcoin price is defined at $ 85,000
Earlier this month, the price of Bitcoin crashed at new levels below $ 100,000, having not broken the key resistance areas in its attempt to reach new heights of all time. At the time, the tall drop was probably due to broader volatility on the market and a change of feeling. However, the cryptocurrency failed to regain its position of more than $ 100,000, caused by the downward pressure of Recent rates implemented by the United States on other countries.
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Hames_az claims that the market will remain in a downward trend, without any suspicion of movement up, if bitcoin continues to negotiate below Key resistance levels. Sharing two possible scenarios for the future trajectory of the cryptocurrency, the analyst looked at a more corrective perspective, projecting that Bitcoin could return to the support area before launching another movement up.
As indicated in the green area of his price board, the analyst has identified Bitcoin support area Between $ 85,000 and $ 87,500. While Bitcoin is historically known not to stay in a downward trend for too long, the tradingView analyst is still expecting an additional break in his price, stressing that a drop at the moment is a more likely scenario.
In the graph, the analyst also illustrates a descending channel modelwhere the price of bitcoin clearly moves into a downward channel, indicating a short trend. The level of fibonacci at 0.382 is still aligned with the support zone, which makes it a strong potential area for a price reversal.
Based on the analyst’s projection, a rebound in this support would invalidate a downward dynamic. In addition, the support area serves as a critical request area where buyers generally intervene, strengthening price stability.
Optimistic scenario possible if the levels of resistance of the keys are violated
While sharing a downward prediction of the Bitcoin price at $ 85,000, Hames_az also presented a Alternative bullish scenario This could propel cryptocurrency to new heights of all time. TradingView analyst estimates that if Bitcoin can succeed in breaking resistance levels between $ 97,000 and $ 102,500 and closing above them, the market should anticipate a continuation of its previous rise.
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A confirmed escape from this resistance zone would signal a stronger market dynamic and more in -depth growth in the price of Bitcoin. Based on his analysis, he expects Bitcoin to increase up to $ 120,000, exceeding summits of all previous time reached earlier this year.
Istock star image, tradingView.com graphic
