{"id":654979,"date":"2024-11-26T12:00:02","date_gmt":"2024-11-26T12:00:02","guid":{"rendered":"https:\/\/ktsl888.com\/?p=654979"},"modified":"2024-11-26T10:50:25","modified_gmt":"2024-11-26T10:50:25","slug":"bitcoin-price-crash-89000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-crash-89000\/","title":{"rendered":"Bitcoin Price Crash Not Over? Why A Decline To $89,000 Is Possible"},"content":{"rendered":"

The <\/span>Bitcoin price could crash<\/span><\/a> if it fails to hold key resistance levels. A crypto analyst has revealed that a decline to $89,000 was well within possibility, as <\/span>sell-offs<\/span><\/a> below the $100,000 mark have continued to hinder Bitcoin\u2019s price upward momentum.\u00a0<\/span><\/p>\n

Bitcoin Price Correction To $89,000 Possible<\/h2>\n

On November 26, TradingView crypto analyst Pejman Zwin <\/span>shared<\/span><\/a> a detailed chart representing a technical analysis of <\/span>Bitcoin\u2018s price movements<\/span><\/a> in a 1-hour time frame. The Bitcoin price chart highlighted vital resistance lines, support zones, and technical indicators suggesting an impending crash.\u00a0<\/span><\/p>\n

Related Reading: Dogecoin Extends Rally \u2013 Can This Lead To A Breakout Above $0.82?<\/a><\/div>\n
\"Bitcoin
Source: TradingView<\/figcaption><\/figure>\n

At the top of the <\/span>price chart<\/span><\/a> is a yellow zone identified as the Potential Reversal Zone (PRZ), where Bitcoin is expected to face significant resistance as it <\/span>aims for the $100,000 milestone<\/span><\/a>. The chart also highlights a horizontal resistance line of around $95,904, which Bitcoin previously struggled to break.<\/span><\/p>\n

At current <\/span>resistance levels<\/span><\/a> between $97,000 and $98,000, Zwin has indicated that if Bitcoin can successfully push above these thresholds, its price could rise significantly towards $100,000.<\/span><\/p>\n

On the other hand, Bitcoin could experience a <\/span>massive price decline<\/span><\/a> if it fails to reach the resistance levels mentioned above. The analyst\u2019s price chart showcases green zones representing critical support cones where Bitcoin could bounce back if its price corrects.\u00a0<\/span><\/p>\n

If Bitcoin drops below support levels between $95,600 and $92,000 and breaks the lower line of the ascending channel on its chart, Zwin has forecasted that its price could crash as low as $89,000 this bull cycle. The analyst describes this crash point as the \u201ccumulative long liquidation leverage, where <\/span>Bitcoin could see its price correcting<\/span><\/a> between $91,000 and $89,000, representing an 8% to 10% crash for the pioneer cryptocurrency.<\/span><\/p>\n

Key Factors Pushing The BTC Price Upwards<\/h2>\n

On the flip side, Zwin disclosed in his Bitcoin analysis report that the <\/span>cryptocurrency is pumping again<\/span><\/a>, driven by a wave of positive market sentiment sparked by recent developments in the crypto space that have been headlines. The analyst revealed that the news of the Chinese Court affirming the <\/span>legality of Bitcoin and crypto ownership <\/span><\/a>has been a key catalyst behind the sharp rise in the price of BTC.<\/span><\/p>\n

Related Reading: ETH\/BTC\u2019s 8-Year Cycle Chart Shows How High Ethereum Price Can Go This Cycle<\/a><\/div>\n

Additionally,\u00a0<\/span>Donald Trump<\/a>‘s plans to appoint a White House crypto advisor have provided a significant boost to the BTC price, propelling it to current levels and enabling it to break through important resistance lines.<\/span>\u00a0<\/span><\/p>\n

Based on the above chart, Zwin reveals that Bitcoin has entered five new impulsive waves from the <\/span>Elliott wave theory<\/span><\/a>. This bullish development occurred after the cryptocurrency broke past key resistance lines.\u00a0<\/span><\/p>\n

Moreover, Zwin\u2019s Bitcoin price chart showcases a \u201cBump and Run Top Pattern,\u201d with the cryptocurrency already completing the \u201cBump phase\u201d and entering a \u201cRun phase.\u201d Taking this into consideration, the analyst has predicted that if Bitcoin can surge above $98,700, investors and market watchers should expect it to skyrocket to $100,000.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price drops toward $89,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price could crash if it fails to hold key resistance levels. A crypto analyst has revealed that a decline to $89,000 was well within possibility, as sell-offs below the $100,000 mark have continued to hinder Bitcoin\u2019s price upward momentum.\u00a0 Bitcoin Price Correction To $89,000 Possible On November 26, TradingView crypto analyst Pejman Zwin shared a detailed chart representing a technical analysis of Bitcoin\u2018s price movements in a 1-hour time frame. The Bitcoin price chart highlighted vital resistance lines, support zones, and technical indicators suggesting an impending crash.\u00a0 Related Reading: Dogecoin Extends Rally \u2013 Can This Lead To A Breakout Above $0.82? At the top of the price chart is a yellow zone identified as the Potential Reversal Zone (PRZ), where Bitcoin is expected to face significant resistance as it aims for the $100,000 milestone. The chart also highlights a horizontal resistance line of around $95,904, which Bitcoin previously struggled to break. At current resistance levels between $97,000 and $98,000, Zwin has indicated that if Bitcoin can successfully push above these thresholds, its price could rise significantly towards $100,000. On the other hand, Bitcoin could experience a massive price decline if it fails to reach the resistance levels mentioned above. The analyst\u2019s price chart showcases green zones representing critical support cones where Bitcoin could bounce back if its price corrects.\u00a0 If Bitcoin drops below support levels between $95,600 and $92,000 and breaks the lower line of the ascending channel on its chart, Zwin has forecasted that its price could crash as low as $89,000 this bull cycle. The analyst describes this crash point as the \u201ccumulative long liquidation leverage, where Bitcoin could see its price correcting between $91,000 and $89,000, representing an 8% to 10% crash for the pioneer cryptocurrency. Key Factors Pushing The BTC Price Upwards On the flip side, Zwin disclosed in his Bitcoin analysis report that the cryptocurrency is pumping again, driven by a wave of positive market sentiment sparked by recent developments in the crypto space that have been headlines. The analyst revealed that the news of the Chinese Court affirming the legality of Bitcoin and crypto ownership has been a key catalyst behind the sharp rise in the price of BTC. Related Reading: ETH\/BTC\u2019s 8-Year Cycle Chart Shows How High Ethereum Price Can Go This Cycle Additionally,\u00a0Donald Trump‘s plans to appoint a White House crypto advisor have provided a significant boost to the BTC price, propelling it to current levels and enabling it to break through important resistance lines.\u00a0 Based on the above chart, Zwin reveals that Bitcoin has entered five new impulsive waves from the Elliott wave theory. This bullish development occurred after the cryptocurrency broke past key resistance lines.\u00a0 Moreover, Zwin\u2019s Bitcoin price chart showcases a \u201cBump and Run Top Pattern,\u201d with the cryptocurrency already completing the \u201cBump phase\u201d and entering a \u201cRun phase.\u201d Taking this into consideration, the analyst has predicted that if Bitcoin can surge above $98,700, investors and market watchers should expect it to skyrocket to $100,000.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":628609,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-654979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Price Crash Not Over? 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Crash Not Over? 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