Is Bitcoin Price About to Crash Below $100,000? Here’s What The Chart Says
Bitcoin faces potential downside risk due to a bearish head and shoulders pattern and sustained capital outflows, suggesting a possible drop below $100,000.Summary
Bitcoin is showing signs of technical weakness, primarily due to the formation of a bearish head and shoulders pattern, which historically signals trend reversals. Compounding this is the Chaikin Money Flow (CMF) indicator showing capital outflows dominating for 16 months, indicating strong selling pressure and a lack of investor accumulation. Furthermore, Bitcoin's exponential moving averages (EMAs) are approaching a Death Cross, which in the past has preceded corrections of 21% to 23%. If the head and shoulders pattern confirms, it could lead to a 13.6% drop, potentially pushing the price toward $89,948, which is below the critical $100,000 level that Bitcoin has held since May. However, the bearish outlook could be invalidated if Bitcoin finds support and reclaims $105,000 as a stable floor, potentially leading to a rebound toward $110,000.
(Source：BeInCrypto)