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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

This Analyst Predicted The Bitcoin Price Crash From $91,000, Why It’s Far From Over

Scott Matherson
Scott Matherson
2 months ago
3 mins read
Bitcoin

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Este artículo también está disponible en español.

RLinda, a TradingView crypto analyst who predicted Bitcoin’s previous crash from $91,000, has shared another bearish forecast for the pioneer cryptocurrency. According to the analyst, more pain may be on the horizon for Bitcoin, as it is expected to plummet as low as $73,000. 

Bitcoin is currently struggling to maintain its former momentum as bearish factors dominate the market. According to RLinda, the cryptocurrency has entered a sell zone after failing to hold above the buying zone above $91,000, thus initiating a false resistance breakdown. Given its current bearish position, the analyst predicts a major crash to new lows for Bitcoin, anticipating an 11% decline to $73,000 soon.

Bitcoin Price Set To Crash To $73,000

RLinda revealed that the market’s volatility was partially attributed to Donald Trump’s comments on the Federal Reserve. The market reacted to the US President’s statements with a global shake-up, causing liquidations across the crypto space. 

Related Reading: Bitcoin 9-Month Cycle Says It’s Not Over, Analyst Shows Where We Are In The Bull Run

Additionally, the crypto summit, which was expected to spark bullish sentiment, did little to boost prices. Instead, it prevented the market from turning green. This market downturn has led to profit-taking by investors due to the lack of market and manipulation by big players. 

Bitcoin
BTC eyes further decline | Source: RLinda on Tradingview

Based on the analyst’s price chart, Bitcoin is trading within the $90,000 – $82,000 range. The cryptocurrency dropped to this price after experiencing a slight price pump in late February. Following this increase, Bitcoin lost all of its gains and has since been aiming for a recovery. 

RLinda warns that if Bitcoin breaks below the $82,000 support level, it could experience a significant price breakdown towards $78,000 – $73,000. The TradingView analyst has highlighted $73,000 as the primary crash target, citing that Bitcoin is currently in a deep correction phase. 

With global growth temporarily suspended, RLinda revealed that the market is in dire need of liquidity. The analyst indicated that if the market’s growth relies too much on bullish leverage and new buyers without proper correction, it may become unstable. A correction phase, like the one Bitcoin is currently experiencing, may allow liquidity to reset and prepare the market for future upward movements. 

BTC Key Resistance And Support Zones 

RLinda has pinpointed key resistance and support levels for the Bitcoin price, sharing insights into potential reversal points. The TradingView analyst asserts that the price zone with the most interest and liquidity is $73,000 – $66,000. 

Related Reading

Legendary Analyst Peter Brandt Lists 6 Reasons Bitcoin Has Flipped Bullish

2 months ago

While a breakdown to $66,000 may seem like a steep decline, it could serve as a critical area for market stabilization. Moreover, further bearish movements would be confirmed if Bitcoin drops below $82,000. Currently, the resistance levels to watch are $89,400, $91,000, and $93,000. Conversely, the support areas to take note of are $82,000, $78,000, and $73,000.

Bitcoin
BYC trading at $82,554 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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