Bitcoin Market Struggles with Heavy Selling Pressure and ETF Outflows Affecting Bitcoin's Stability

Analyst predicts Bitcoin could drop to $52K due to a bearish descending channel pattern. Bitcoin’s next move hinges on key support levels

Bitcoin’s next price move could be crucial, determining whether the world’s leading cryptocurrency sparks a major breakout or experiences a further decline. A crypto analyst has identified key support levels that will influence BTC’s upcoming direction.

Bitcoin Price To Drop $52k

A well-known crypto chart analyst, Ali Martinez, recently highlighted a potential bearish pattern emerging in Bitcoin’s price movement, which could lead to a significant drop.

“Bitcoin might drop to $52,000 if the governing pattern behind the recent price action is a descending parallel channel!”

According to Martinez, if the current price action continues to follow the pattern of a descending parallel channel, Bitcoin might drop as low as $52,000. This pattern suggests that Bitcoin’s price moves within two downward-sloping parallel lines. Each time the price hits the upper line, it faces resistance and tends to drop toward the lower line, which acts as support.

As long as the price stays within these boundaries, the asset tends to follow a bearish trend. However, if Bitcoin manages to break out of the channel, it could signal a bullish reversal, pushing the price upward instead.

Bitcoin Rally Towards $130K?

On the other hand, another crypto analyst, Mags, believes that Bitcoin could be on the verge of a major price surge, potentially pushing its value to an impressive $130,000.

“Bitcoin is inside a massive Inverse H&S pattern. It looks like the price is forming the right shoulder.”

According to Mags, Bitcoin’s price is forming the right shoulder, which could push it to rally soon. This rally might send Bitcoin’s price toward the $130,000 mark if the pattern is completed successfully.

If Bitcoin follows the trajectory suggested by the inverse H&S pattern, this could be a significant moment for the cryptocurrency, given that Bitcoin has struggled to gain strong upward momentum recently.

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