The Bearish Structure That Puts Bitcoin Price At $92,550, And Then $82,000
Struggling under the weight of notable selling pressure, the on the $90,000 support, leading to a sustained downtrend through the middle of December. Despite calls for a bottom, the cryptocurrency does not seem to be heading in that direction, and some analysts have shared reasons as to why this is the case. Crypt analyst Lingrid maps out the trajectory of the Bitcoin price, showing a bullish short-term, but ultimately ending with more declines.
Why The Bitcoin Price Could Crash Further
Lingrid’s focuses on Bitcoin’s recent price performance, having hit resistance multiple times above the $92,000 level. This comes as the digital asset is “capped below channel border,” something that is inherently bearish for the price, given the recent price action.
The rejections between $92,500 and $93,500, according to the analyst, show that the Bitcoin price is likely to place in lower highs. Thus, even , this level still remains a significant roadblock to any rally.
Furthermore, the crypto analyst adds that the recent slowdown in the has pushed it into a tight compression. With the price still sitting above the rising support line while this happens, Lingrid believes that this shows Bitcoin is entering into a state of equilibrium, and not strength. Usually, this means that the Bitcoin price could be headed for “directional expansion.”
Presently, all eyes are on the bears and sellers as the . There is still the possibility that the price will rise to $92,500 before facing a rejection. In this scenario, it would trigger further decline toward $82,000 to put in lower lows.
There is also the possibility that the digital asset does escape this bearish scenario, but the buyers would have to step back in the ring. Mainly, the and then hold above the channel, sustaining a move above $92,500.
If this plays out, then Lingrid believes that the . Such a case would mean that the Bitcoin focus shifts back toward $100,000. However, with the price currently trending below $90,000 and sentiment being mostly negative, the chances of an invalidation remain slim.
