The Bitcoin price collapse to $91,000 was unexpected and resulted from an inheritance market domination and increasing volatility. Despite this setback, the analyst predicts even worse prospects for the leading cryptocurrency. The formation of a bear flag suggests that further price declines may be on the horizon, with the analyst predicting a more steep decline in prices towards $90,000.

A bearish flag pattern signals a decline in the price of Bitcoin

Pejman Zwin, TradingView cryptocurrency analyst, released chart analysis predicting a significantly bearish Bitcoin price outlook. The analyst based it on this bleak forecast on the emergence of a bearish flag pattern and other key technical indicators.

According to Zwin, Bitcoin moves in approx bear flag patterna technical pattern that often signals a continuation of a previous downtrend. If this flag pattern continues, Bitcoin will likely be setting itself up for a crash, which could lead to major price declines.

The analyst pointed out that 50-day moving average (MA)around $95,974 was a key resistance or support level for Bitcoin. However, the cryptocurrency recently fell below this MA – a development that was considered bearish, suggesting further declines.

Zwin also revealed that Bitcoin is trading in a robust support zone between $95,000 and $90,870. Additionally, he emphasized that the pioneering cryptocurrency is breaking through key support lines, signaling potential continuation of the downward trend.

Looking at Bitcoin’s price action compared to the above-mentioned technical indicators and chart patterns, Zwin predicts a significant price drop towards $91,000. The analyst emphasized that the drop to $91,000 is the expected low that will occur if Bitcoin breaks the current support lines.

He also revealed that if BTC breaks through the robust support zone, it could potentially face further bearish pressure return to lower price levels approximately $90,540. Interestingly, Zwin’s bearish Bitcoin price forecast comes from the recent price drop to $91,000 on Monday. During this side trade The sentiment on the Bitcoin market has deterioratedand the bearish price action shows no signs of slowing down.

Although Bitcoin’s price plummeted, it quickly recovered and is currently trading at $93,893. Nevertheless, a price drop to Zwin’s projected target of $90,540 would cause Bitcoin to crash by approximately 3.6%

Alternative bullish scenario

While he was designing bearish bitcoin price outlookZwin presented an alternative, bullish scenario that could do just that cause a rebound. According to a TradingView analyst, the price ceiling for Bitcoin may be around $95,974. If BTC can break above the resistance line, it could invalidate the bear flag pattern, signaling a potential uptrend reversal.

On the other hand, a market expert known on X (formerly Twitter) as “Mister Crypto”. predicted Bitcoin’s upcoming breakout to novel heights. The analyst suggests that Bitcoin could buck the bearish trend and potentially resume it in the next two days previous upward trend.