Expensive Bitcoin Prediction: Notable Trader Discloses Pessimistic New Price Forecast for $88,000
In a recent analysis, a trader named Ansem has predicted a significant drop in the BTC price. According to Ansem's chart, Bitcoin (BTC) is expected to experience a decline, with potential levels for the price drop at $96,876, $93,576, and $91,660. These levels have previously functioned as bouncing points but may now serve as stepping stones for the BTC price decrease.
Bitcoin has been hovering around $115,000 for an extended period, but it has stalled at this current price and may start a slow grind down. The $100,700 area, which was a significant support zone earlier in the summer, may provide some resistance but is expected to be temporary.
The chart also indicates a significant magnetic pull at $88,765, which lines up with a quarterly open and a long period of consolidation from earlier this year. If Bitcoin reaches $88,765, it will drop by approximately 25% from its current trading price. This potential BTC price drop, if it occurs, could be a shock to many in the market who have been focusing on ETFs and large inflows.
Ansem's analysis suggests that the market structure is already bearish, and if the pattern continues, Bitcoin's next major move will likely be downwards towards $88,000. However, Bitcoin's bulls might try to fight at the $100,700 level, but the chart suggests they will not be successful for long.
The chart also highlights a "daily bearish breaker" level under $116,000 where sellers have previously taken control. This level could potentially act as another resistance point in the upcoming BTC price decrease.
It is important to note that there is no relevant information in the search results about who Ansem is or about his Bitcoin price forecast for the end of 2021 beyond this analysis. As always, investors are advised to conduct their own research and consider multiple perspectives before making investment decisions.
Read also:
- Catastrophe at a U.S. Steel facility in Pennsylvania results in the loss of two lives. crucial details unveiled
- Manipulating Sympathy: Exploiting Victimhood for Personal Gain
- Auto Industry Updates: Geotab, C2A, Deloitte, NOVOSENSE, Soracom, and Panasonic in Focus
- Exploring Money-Making Opportunities in Digital Gaming Worlds
