The global crypto market is facing heavy selling pressure, driven by rising geopolitical tensions and large ETF outflows, just as many were expecting a bullish October. Bitcoin, in particular, has dropped over $5,000 from its recent high of $66,000. However, a key moment is approaching as a crypto analyst points to crucial support levels that could determine whether BTC will see a major breakout or Breakdown.
Bitcoin Price To Drop $52k
Prominent crypto chart analyst Ali Martinez has recently pointed out a potential bearish pattern forming in Bitcoin’s price movement, which could lead to a significant drop.
According to Martinez, Bitcoin might fall as low as $52,000 if the current price action continues to follow the pattern of a descending parallel channel. This pattern, suggests that Bitcoin’s price moves within two downward-sloping parallel lines. Each time the price hits the upper line, it faces resistance and tends to drop toward the lower line, which acts as support.
As long as the price stays within these boundaries, the asset tends to follow a bearish trend. However, if Bitcoin manages to break out of the channel, it could signal a bullish reversal, pushing the price upward instead.
Bitcoin Rally Towards $130K?
On the flip side, another crypto analyst Mags believes that Bitcoin could be on the verge of a significant price surge, potentially pushing its value to an impressive $130,000.
According to Mags, Bitcoin’s price is in the process of forming the right shoulder, which could push it to rally soon. This rally could send Bitcoin’s price toward the $130,000 mark if the pattern is completed successfully.
If Bitcoin follows the trajectory suggested by the inverse H&S pattern, this could be a significant moment for the cryptocurrency, given that Bitcoin has struggled to gain strong upward momentum recently.
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