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Bitcoin Price Analysis: Is BTC Due for an Imminent Crash to $80K This Week?
The price of Bitcoin (BTC) has been stagnant in recent days, hovering around the 200-day moving average ($83K) and the 0.5 Fibonacci retracement level. A bearish breakdown could trigger a significant sell-off, while a hold above this level may initiate a bullish rebound.
In an exclusive analysis, Crypto VizArt assesses the current market situation to predict whether Bitcoin is due for an imminent crash to $80K this week or not.
A closer look at the daily chart reveals that Bitcoin has found support at the 200-day MA ($83K), which aligns with the 0.5-0.618 Fibonacci retracement range. This zone, in particular, reinforces its significance as a crucial level of resistance and support.
The article notes that while a break below this point could signal a bearish market shift, maintaining above it may prompt a bullish reaction.
Furthermore, Crypto VizArt examines the 4-hour chart, highlighting a bearish pattern in which Bitcoin broke below an ascending channel before retracing back to the broken support. This formation suggests the possibility of further downside risk if the cryptocurrency is unable to break the wedge’s lower boundary, potentially plunging the price to $80K.
Despite this, the article emphasizes that the 0.5-0.618 Fibonacci range continues to act as a robust support zone, increasing the chances of a mid-term bullish reversal.
In conclusion, Bitcoin is likely expected to continue consolidating between $80K-$95K for the short term until a decisive breakout determines the next major trend.
Source: https://cryptopotato.com/bitcoin-price-analysis-is-btc-due-for-an-imminent-crash-to-80k-this-week/
