{"id":23592,"date":"2024-11-26T12:00:02","date_gmt":"2024-11-26T12:00:02","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=23592"},"modified":"2024-11-26T12:00:02","modified_gmt":"2024-11-26T12:00:02","slug":"bitcoin-price-crash-not-over-why-a-decline-to-89000-is-possible","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=23592","title":{"rendered":"Bitcoin Price Crash Not Over? Why A Decline To $89,000 Is Possible"},"content":{"rendered":"

The Bitcoin price could crash<\/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 sell-offs<\/a> below the $100,000 mark have continued to hinder Bitcoin\u2019s price upward momentum.\u00a0<\/p>\n

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

On November 26, TradingView crypto analyst Pejman Zwin shared<\/a> a detailed chart representing a technical analysis of Bitcoin\u2018s price movements<\/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<\/p>\n

At the top of the price chart<\/a> 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<\/a>. The chart also highlights a horizontal resistance line of around $95,904, which Bitcoin previously struggled to break.<\/p>\n

At current resistance levels<\/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.<\/p>\n

On the other hand, Bitcoin could experience a massive price decline<\/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<\/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 Bitcoin could see its price correcting<\/a> between $91,000 and $89,000, representing an 8% to 10% crash for the pioneer cryptocurrency.<\/p>\n

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

On the flip side, Zwin disclosed in his Bitcoin analysis report that the cryptocurrency is pumping again<\/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 legality of Bitcoin and crypto ownership <\/a>has been a key catalyst behind the sharp rise in the price of BTC.<\/p>\n

Additionally,\u00a0Donald Trump<\/a>\u2018s 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<\/p>\n

Based on the above chart, Zwin reveals that Bitcoin has entered five new impulsive waves from the Elliott wave theory<\/a>. This bullish development occurred after the cryptocurrency broke past key resistance lines.\u00a0<\/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<\/p>","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 […]<\/p>\n","protected":false},"author":0,"featured_media":23593,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-23592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/23592"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23592"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/23592\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/23593"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}