RLinda, a noteworthy crypto analyst on TradingView, is back in the spotlight with a new bearish forecast for Bitcoin, the leading cryptocurrency. Having accurately predicted Bitcoin’s previous decline from $91,000, RLinda suggests that further pain is ahead for Bitcoin investors, potentially driving the price down to as low as $73,000.
Currently, Bitcoin is finding it challenging to regain its former momentum amidst a sea of bearish market factors. RLinda indicates that the cryptocurrency has entered a sell zone after failing to sustain its position above the crucial buying zone previously established above $91,000. This has initiated what is described as a false resistance breakdown, casting a shadow on Bitcoin’s immediate future. The analyst warns of a looming crash, forecasting an 11% decline that could see Bitcoin plummet to $73,000 in the near term.
Bitcoin Price Set To Crash To $73,000
The volatility currently present in the market has been partially attributed to recent comments made by former President Donald Trump regarding the Federal Reserve. These statements sent ripples through the cryptocurrency space, leading to liquidations and heightened nervousness among investors. Despite optimism surrounding a recent crypto summit that was expected to bolster prices, the market has failed to turn bullish, further contributing to the uncertainty.
In the aftermath of the market’s downturn, many investors have engaged in profit-taking, driven by the prevailing lack of momentum and signs of manipulation by larger market players. RLinda’s technical analysis reveals that Bitcoin is now trading within a critical range of $90,000 – $82,000, a significant drop following a brief price surge in late February.
The analyst anticipates that if Bitcoin breaks below the $82,000 support level, it could lead to a substantial further decline toward the $78,000 – $73,000 range. RLinda emphasizes that Bitcoin remains in a deep correction phase, with $73,000 being the primary target for a crash.
Amidst this turmoil, RLinda highlights the need for liquidity to restore stability in the market. If Bitcoin’s recovery is too heavily reliant on bullish leverage and new buyers without an adequate correction, the market may be poised for increased instability. A correction phase, such as the one underway, could provide the necessary reset for liquidity and potentially pave the way for future bullish trends.
BTC Key Resistance And Support Zones
RLinda has also identified key resistance and support zones for Bitcoin, emphasizing the importance of monitoring these levels as potential reversal points. The most critical price zones currently being watched are between $73,000 and $66,000. A drop to $66,000 may appear drastic, yet it could serve as a stabilization point for the market.
On the flip side, further bearish momentum would be confirmed if Bitcoin were to slide below the $82,000 support. Currently, the resistance levels that warrant attention include $89,400, $91,000, and $93,000, while the key support areas to observe are $82,000, $78,000, and $73,000.
In conclusion, RLinda’s analysis underlines the precarious position of Bitcoin within the current market landscape. Investors are advised to stay alert to these critical levels, as the future of Bitcoin’s price action could hinge on its ability to hold above essential support zones and avoid further downward trends.
