{"id":47356,"date":"2025-02-24T18:00:35","date_gmt":"2025-02-24T18:00:35","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=47356"},"modified":"2025-02-24T18:00:35","modified_gmt":"2025-02-24T18:00:35","slug":"bitcoin-price-consolidates-in-tight-zone-why-a-crash-to-84000-is-likely","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=47356","title":{"rendered":"Bitcoin Price Consolidates In Tight Zone: Why A Crash To $84,000 Is Likely"},"content":{"rendered":"

Analysts are currently leaning towards a further breakdown in the Bitcoin price<\/a>, as market volatility has positioned the pioneer cryptocurrency in a tight consolidation zone. Crypto expert Hamed_AZ on TradingView has shared a bullish and bearish outlook for the Bitcoin price. However, the analyst highlights that a crash of $85,000 is more likely.\u00a0<\/p>\n

According to Hames_AZ, the Bitcoin price is set to decline further, possibly reaching new lows at $85,000. The analyst revealed<\/a> that the cryptocurrency continues to trade sideways, failing to break out of its present consolidation zone<\/a>. <\/p>\n

Bitcoin Price Set To Crash To $85,000<\/h2>\n

Earlier this month, the Bitcoin price crashed to new levels below $100,000, failing to break key resistance areas in its attempt to reach new all-time highs. At the time, the sharp decline<\/a> was likely due to broader market volatility and a shift in sentiment. However, the cryptocurrency has failed to recover its position above $100,000, driven by downward pressure from recent tariffs implemented by the United States<\/a> on other countries.<\/p>\n

Hames_AZ asserts that the market will remain in a downtrend, with no hint of an upward movement, if Bitcoin continues to trade below key resistance levels<\/a>. Sharing two possible scenarios for the cryptocurrency\u2019s future trajectory, the analyst leaned towards a more corrective outlook, projecting that Bitcoin could retrace back to the support zone before initiating another upward move.<\/p>\n

As indicated in the green area in his price chart, the analyst pinpointed Bitcoin\u2019s support zone<\/a> between $85,000 and $87,500. While Bitcoin is historically known for not staying in a downtrend for too long, the TradingView analyst still expects further breakdown in its price, highlighting that a decline at this time is a more probable scenario.\u00a0<\/p>\n

In the chart, the analyst also illustrates a descending channel pattern<\/a>, where the price of Bitcoin is clearly moving within a downward-sloping channel, indicating a short-term downtrend<\/a>. The Fibonacci level at 0.382 further aligns with the support zone, making it a strong potential area for a price reversal.\u00a0<\/p>\n

Based on the analyst\u2019s projection, a bounce from this support would invalidate further bearish momentum. Additionally, the support zone serves as a critical demand area where buyers typically step in, reinforcing price stability.\u00a0\u00a0\u00a0<\/p>\n

Possible Bullish Scenario If Key Resistance Levels Are Breached\u00a0<\/h2>\n

While sharing a bearish prediction of the Bitcoin Price to $85,000, Hames_AZ also presented an alternative bullish scenario<\/a> that could propel the cryptocurrency to new all-time highs. The TradingView analyst believes that if Bitcoin can successfully break resistance levels between $97,000 and $102,500 and close above them, then the market should anticipate a continuation of its previous uptrend.\u00a0<\/p>\n

A confirmed breakout from this resistance area would signal stronger market dynamics and further growth for the Bitcoin price. Based on his analysis, he expects Bitcoin to rise as high as $120,000, surpassing previous all-time highs<\/a> attained earlier this year. <\/p>","protected":false},"excerpt":{"rendered":"

Analysts are currently leaning towards a further breakdown in the Bitcoin price, as market volatility has positioned the pioneer cryptocurrency in a tight consolidation zone. Crypto expert Hamed_AZ on TradingView has shared a bullish and bearish outlook for the Bitcoin price. However, the analyst highlights that a crash of $85,000 is more likely.\u00a0 According to […]<\/p>\n","protected":false},"author":0,"featured_media":47357,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-47356","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\/47356"}],"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=47356"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/47356\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/47357"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}