Bitcoin (BTC) Price Risks Drop To $74,000 If This Happens

Crypto analyst Saeed has outlined a bearish case for the Bitcoin price, predicting that it could still drop to as low as $74,000.

Crypto analyst Saeed has predicted that the Bitcoin price could still drop to as low as $74,000.

In a recent TradingView post, Saeed mentioned a drop to $74,000 as his bearish scenario for the BTC price. He explained that if price fails to break out and instead drops below $80,000, a correction would unfold toward $76,500 or even $74,000, which would present a re-entry opportunity for long-term bulls.

The analyst highlighted the $85,000 psychological level as being key to whether BTC drops to this target or witnesses another breakout to new highs.

The crypto analyst stated that the Bitcoin price is currently consolidating just below the psychological $85,000 level after a historical bull run which pushed it to new all-time highs (ATHs). Despite the recent downtrend, Saeed is optimistic that the bull run is still on.

“The market is cooling off, not crashing. We're forming a high-tight flag, usually a continuation signal after an uptrend, with a major breakout/breakdown likely in the coming days as momentum slows and volatility compresses. This potential drop to $74,000 is still healthy in the broader trend.”

Analyzing the trend structure, the crypto analyst confirmed that the Bitcoin price remains in a strong bullish trend. He noted that since the breakout above $69,000, the previous ATH from 2021, the rally has been "aggressive and directional," overwhelming the BTC bears in the process.

“We've also been respecting a steep ascending trendline since early February. But now we're coiling higher in a tight range between $80,000 and $83,500 as we approach the apex of the structure.”

Saeed further remarked that the Bitcoin price has been forming a series of higher highs and higher lows.

"The buyers are still in control as we slice through new highs and lows with no signs of exhaustion yet. This is a strong indication that the underlying trend is still bullish."

In his analysis, Saeed also outlined a bullish scenario for the Bitcoin price. He stated that a breakout and daily close above $85,000 would confirm the continuation pattern, targeting $88,000 first and then $90,000. The analyst added that volume and candle structure will be key to confirming the move.

Moreover, Saeed highlighted key resistance and support zones to watch out for. He stated that the range between $83,000 and $85,000 is the immediate resistance as this area has repeatedly capped prices in recent sessions. As such, a daily close above this zone could trigger the next leg higher.

“This is also the last bastion of resistance before we encounter the next key level at $88,000, which is a short-term fib and psychological zone. The third level of resistance to keep in mind is the range between $90,000 and $92,000, which is a psychological milestone and a possible magnet for the Bitcoin price if bulls break out cleanly.”

As for the support zones, Saeed mentioned $80,000, $76,500, and the range between $72,000 and $74,000 as the key levels to keep an eye on. He remarked that the range between $72,000 and $74,000 is the major support and ideal retest level if the Bitcoin price corrects, as this is the level where many sidelined bulls are likely waiting to buy in.

At the time of writing, the Bitcoin price is trading at around $80,500, down almost 2% in the last 24 hours, according to data from CoinMarketCap.

News data source: kdj.com

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