Analyst Forecasts Further Decline for Bitcoin, Targeting $73,000
RLinda, a TradingView analyst, predicts a potential Bitcoin decline from its current level to $73,000, citing market volatility and failed resistances. Influences include political statements and market manipulations, raising concerns over liquidity. Key support and resistance levels are defined, indicating critical zones for market movement.
RLinda, a renowned analyst on TradingView, who accurately predicted Bitcoin’s fall from $91,000, has now issued a grim forecast for the cryptocurrency. She suggests that Bitcoin may soon decline to as low as $73,000, facing significant bearish pressure. Currently, Bitcoin is struggling to regain its earlier momentum, having entered a sell zone after failing to maintain its position above $91,000, leading to a false resistance breakdown.
The volatility of the market has been influenced by statements made by Donald Trump regarding the Federal Reserve, resulting in widespread market reactions and liquidations in the crypto sector. Interestingly, a recent crypto summit that many anticipated would boost Bitcoin prices failed to encourage any upward trend, forcing investors to take profits amid ongoing market manipulation. Bitcoin has now settled within the $90,000 to $82,000 price range and struggles to recover after a brief increase in late February.
RLinda alerts that if Bitcoin breaches the $82,000 support level, it could swiftly decline towards $78,000 and eventually reach the target of $73,000. She underscores that Bitcoin currently resides in a deep correction phase, which is vital for market liquidity. This necessary correction phase could potentially reset the market, fostering a foundation for future positive movements.
The analyst has identified significant price zones where Bitcoin may encounter support and resistance. She notes that the critical price range of $73,000 to $66,000 remains the area of highest interest and liquidity. Although a drop to $66,000 may appear concerning, it could facilitate market stabilization. Bearish trends will likely be confirmed if Bitcoin descends below $82,000, with resistance levels at $89,400, $91,000, and $93,000, while support levels are located at $82,000, $78,000, and $73,000.
In conclusion, RLinda’s analysis provides a bearish outlook for Bitcoin, predicting a potential decline to $73,000 due to prevailing market pressures and volatility. Key price levels offer insights into possible market behavior, with significant implications for traders. As the market grapples with liquidity issues and investor sentiment, the situation remains complex, necessitating careful observation of price trends and external influences.
Original Source: es.tradingview.com
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