The Bitcoin price may collapse if it fails to hold key resistance levels. A cryptocurrency analyst revealed that a drop to $89,000 is very likely, as sales below the level of $100,000 continue to hinder the growth dynamics of Bitcoin’s price.

Possible Bitcoin price correction to USD 89,000

On November 26, TradingView cryptocurrency analyst Pejman Zwin common detailed chart showing technical analysis Bitcoin price movements within 1 hour. The Bitcoin price chart has highlighted significant resistance lines, support zones, and technical indicators suggesting an impending crash.

At the top price chart is the yellow zone referred to as the Potential Reversal Zone (PRZ) where Bitcoin is expected to encounter significant resistance aims to reach the $100,000 milestone. The chart also shows a horizontal resistance line at around $95,904, which Bitcoin has previously struggled to break.

Currently resistance levels between $97,000 and $98,000 Zwin indicated that if Bitcoin manages to exceed these thresholds, its price could significantly escalate to $100,000.

On the other hand, Bitcoin may experience: massive price drop if it does not reach the resistance levels listed above. The analyst’s price chart shows green zones representing critical support cones where Bitcoin may bounce if its price improves.

If Bitcoin falls below support levels between $95,600 and $92,000 and breaks the lower line of the ascending channel on its chart, Zwin predicts that its price could drop as low as $89,000 in this bull cycle. The analyst describes this tipping point as “cumulative long liquidation leverage, where Bitcoin may see a price correction between $91,000 and $89,000, down 8% to 10% for the pioneering cryptocurrency.

Key factors pushing the BTC price up

On the other hand, Zwin revealed in its Bitcoin analysis report that cryptocurrency is gaining popularity againfueled by a wave of positive market sentiment driven by recent headline-making events in the crypto space. The analyst revealed that the news was confirmed by the Chinese court legality of owning Bitcoin and cryptocurrencies was a key catalyst for the acute escalate in the BTC price.

Additionally, Donald TrumpPlans to appoint a White House crypto advisor ensured a significant escalate in the BTC price, pushing it to current levels and allowing it to break through crucial resistance lines.

Based on the above chart, Zwin reveals that Bitcoin has entered five up-to-date impulse waves with Elliott wave theory. This bullish development comes after the cryptocurrency broke through key resistance lines.

Moreover, Zwin’s Bitcoin price chart shows a “Bump and Run Top” pattern, with the cryptocurrency already completing the “bump phase” and entering the “launch phase”. Taking this into account, the analyst predicted that if Bitcoin can rise above $98,700, investors and market watchers should expect the price to skyrocket to $100,000.

Featured image created with Dall.E, chart from Tradingview.com