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Analysts currently tend towards a More collapse in Bitcoin priceSince market fluctuations have placed a leading cryptocurrency in a narrow monotheism. Crypto Hamed_az expert on TradingView participated in the ups and duplicate expectations of the Bitcoin price. However, the analyst highlights that the collapse of $ 85,000 is likely.
According to Hames_Az, the Bitcoin price is set to a more decrease, and may reach its lowest level at $ 85,000. analyst open That the encrypted currency continues to circulate sideways, and fail to go out The current monotheism area.
Bitcoin price is scheduled to collapse to 85,000 dollars
Earlier this month, Bitcoin price fell to new levels less than $ 100,000, and failed to break the main resistance areas in their attempt to reach the highest new levels ever. At that time, the sharp decline was likely due to the wider market fluctuations and turned into feelings. However, the cryptocurrency failed to recover its location over $ 100,000, driven by the declining pressure from the recent definitions implemented by the United States in other countries.
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Hames_Z emphasizes that the market will remain in a declining direction, with no hint of upward movement, if Bitcoin continues to trade below Main resistance levels. With the participation of a potential scenario of the future path of the cryptocurrency, the analyst bowed towards a more corrective look, with the projection that bitcoin can be returned to the support area before the start of another escalating movement.
As shown in the Green Zone in its price scheme, the analyst selects Bitcoin support zone Between $ 85,000 and 8,7500 dollars. Although Bitcoin is historically known for not staying in a long -term landing direction, TradingView analyst still expects more collapse in its price, with highlighting that the decline in this time is a more likely scenario.
In the plan, the analyst also explains Detarate channel patternWhere the price of bitcoin moves clearly within a landline channel, which indicates a Short -term directing. The Fibonacci level is in line with 0.382 with the support area, making it a strong potential area for price reflection.
Based on the projection of the analyst, the bounce of this support would nullify more landfill. In addition, the support area works as a decisive demand area where buyers usually intervene, enhancing price stability.
Possible ups
While sharing the Bitcoin’s declining prediction to $ 85,000, hams_az also presented The alternative bullish scenario It can push the cryptocurrency to the highest levels ever. TradingView analyst believes that if Bitcoin is able to successfully break the resistance levels between 97,000 dollars and 102,500 dollars, then the market must expect a continuation of the previous upward trend.
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The sure collapse of this resistance area would refer to market dynamics stronger and further growth of Bitcoin price. Based on his analysis, bitcoin is expected to rise to $ 120,000, exceeding The highest levels of previous It was achieved earlier this year.
Distinctive image from Istock, Chart from TradingView.com
