The recent price action of Bitcoin ($BTC) has ignited speculation in the crypto market, with analysts predicting significant downturn. As per some prominent crypto analysts, Bitcoin is potentially forming a wide rising wedge pattern, highlighting a potentially imminent price breakdown. The crypto analysts offered insights into Bitcoin’s present market outlook in their latest social media posts.
Bitcoin Rising Wedge Pattern Highlights Potential Pullback
A prominent BTC analyst, Doctor Profit, is of the view that the big rising wedge pattern shows Bitcoin’s movement toward a likely breakdown. The respective development could take place in the upcoming few days. This bearish overview indicates substantial downside potential. With the continuous tightening of the wedge, pressure mounts, often leading to sheer price move following its breakout.
In addition to this, Bitcoin has witnessed some bearish signs in the recent hours of price performance. A breakdown from its rising wedge pattern with huge volume has pushed Bitcoin below the 100-day moving average (100MA). It is a crucial technical level and is posing considerable resistance at present. The crypto analyst going by “Daily” interpret this development as an indication of a potential correction. Bitcoin’s capability to sustain its price above its 100MA or a breakdown below the respective level could determine the likely continuation of the downtrend.
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Simultaneously, another well-known crypto analyst going by “Carl Moon,” the 4-hour ascending channel of Bitcoin displays a noteworthy support level. A breakdown of the respective support level could lead to the start of a relatively massive drop. The analyst considers the price target for this activity to be the $78,600 mark. The 4-hour chart has expressed a persistent uptrend till Bitcoin’s recent price action began to weaken, driving the price closer to likely support.
Wider Downtrend Still to Be Determined in Upcoming Days
Apart from the aforementioned technical observations, the market onlookers are continuously watching for the macroeconomic factors and wider market sentiment. Although Bitcoin has seen few fluctuations, its breakdown below its critical support level is yet to be seen. Keeping this in view, the upcoming days will play a vital role.