Bitcoin Faces Potential Decline Below Critical Level Amid Market Volatility
Crypto analyst Pejman warns of a potential Bitcoin price drop below $83,500. Following a recent peak at $88,000, concerns have been raised about a possible correction due to market volatility stemming from tariff announcements. Analysts project Bitcoin may decline to the $78,000 range, although some maintain a bullish outlook given historical trends.
A prominent crypto analyst, Pejman, has expressed concerns over the potential for a further decline in Bitcoin’s price if it falls below a critical threshold of $83,500. This warning follows a previous bullish assessment in which Pejman noted that Bitcoin appears to be completing a bullish flag pattern and anticipates an upside rally to approach the CME gap near $86,000.
After Pejman’s initial bullish prediction, Bitcoin reached highs of $88,000, largely driven by market volatility triggered by former President Trump’s tariff announcements. However, Pejman cautioned that this peak could be a local top, indicating that a price correction may be imminent following the recent surge.
The price correction was indeed realized when Bitcoin retreated following Trump’s detailed tariff rates for several countries, which could provoke a trade war. This development is viewed as bearish not only for Bitcoin but also for the entire cryptocurrency market.
Adding to the bearish sentiment, fellow crypto analyst Kevin Capital posited that Bitcoin might drop to the $78,000 range soon. He noted some long liquidity exists between $78,000 and $80,000, while significant liquidity was also detected in the $87,000 to $90,000 range—a level Bitcoin has recently tested.
Despite the downtrend observed over the past two months, analyst Rekt Capital maintains a bullish outlook on Bitcoin. He noted that BTC recently underwent a 32% decline; however, historical patterns suggest such pullbacks may precede another surge to new all-time highs. At present, Bitcoin is trading around $83,000, reflecting a modest decrease of over 1% in the past 24 hours, according to CoinMarketCap’s data.
In summary, Bitcoin’s price is under scrutiny as analysts warn of potential declines if it dips below $83,500. Following recent volatility and tariff announcements, the cryptocurrency has seen fluctuations, with predictions pointing towards levels as low as $78,000. Nevertheless, there are indications that despite recent downtrends, Bitcoin could rebound and potentially reach new heights based on historical market behavior. Investors should remain vigilant as the market evolves.
Original Source: www.tradingview.com
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