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This article is also available in Spanish.
Tony Severino, an outstanding cryptographic analyst, shared Modern Bitcoin price forecastsuggesting that the pioneering cryptocurrency is on the edge Another significant correction. The analyst suggested that the creation of a lower head and shoulder pattern (LTF) on the Bitcoin price chart is a potential confirmation of the failure of 80,000 USD.
The forecast Bitcoins price will fail to 83,600 USD
The last deterioration of the market situation was negative influenced the value of bitcoincausing less than favorable forecasts from the best analysts. Severino Published On X (earlier Twitter), on March 6, Bitcoin may soon experience another stern withdrawal from fresh minima.
The analyst predicted it Bitcoin could be disappointed up to USD 84,800 – USD 83,600. This bear price forecasts are supported by the recent creation of the LTF Head pattern and a frame on the Bitcoin chart.
AND Head and shoulder pattern is the creation of technical analysis, which usually indicates the potential Turning away from a stubborn dug. It appears as three peaks at the price chart, with the middle peak, which is head, is higher than other (arms). In particular, the head and shoulder pattern is considered one of the most recognizable patterns for displaying inheritance training in cryptocurrency.
In the case of Bitcoin, the SEVERINO chart illustrates Symmetrical triangle with ABCDE internal wave structure. Black lines diagonally on the chart form a symmetrical triangle, which indicates lower ups and higher low. Inside the triangle, red lines form waves, which suggests that the price of bitcoin may be Sidewalk but with prejudice in the direction of completing the triangle.
Due to the formation of a head and arm pattern, Bitcoin could see how the price fell to the lower limit of the triangle around the region worth 80,000 USD. This price disaster will end with a wave D and will probably test another critical support area.
When Bitcoin falls to this level, Severino predicts that it may Sprinkle back to fresh ups. The chart shows that Bitcoin can gather towards the w wave in a triangle, which is set around the price level of 90,000 USD.
In addition, the Bitcoin chart of the analytics indicates another Deeper withdrawal After this reflection of the price up to USD 90,000. On the right side of the chart, the arrow indicates down, suggesting that after the last Wave E Bitcoin rally, it may fall in the direction of 83,600 to 80,200 USD.
The analyst warns of the bear’s trap before the Bull Run final
While many on the cryptographic market call this huge drop in the price of bitcoin Behind the BearOthers believe that this price catastrophe can be a plain bear trap. A market expert known as “Crypto Caesar” anticipated that Bitcoin would be on the edge of his final Bear trap Before entering the last phase of this bull cycle.
This means that Bitcoin will probably face another violent drop, shaking feeble hands before the fresh height of all time increases. The chart of the analyst provides that it may exceed USD 110,000, signaling the end of the bull market.
A distinguished picture from Pexels, chart from TradingView
