Member-only story
Bitcoin bears are bracing for a cataclysmic drop, with sellers aiming for $29,000 next
Bitcoin’s price may continue to fall if buyers remain hesitant to enter the market.
The dominating technical pattern indicates a bearish aim of $29,026.
Many impediments may develop, making it difficult for the bulls to reverse their recent underperformance.
Bitcoin price movement has continued to deteriorate, with BTC falling below a critical level of support. According to the current chart pattern, the leading cryptocurrency will decline another 16%.
Bitcoin’s price is expected to plummet by 16%
On January 21, the price of bitcoin fell below the bottom border of the declining parallel channel, placing a 16 percent drop toward $29,026 on the horizon.
Bitcoin’s first line of defense is the July 25 low of $33,851. Additional footholds for the bellwether cryptocurrency may appear at $31,973 and $30,151, the June 27 and June 26 lows, respectively.
If Bitcoin falls below the previously indicated levels of support, it may finally reach the negative goal set by the ruling technical pattern at $29,026, which corresponds to the 127.2 percent Fibonacci retracement level.
