Analyst Sees Bitcoin Crashing to $80,000 During This Period

The apex cryptocurrency, Bitcoin, might face a major setback in the near term, according to a market analyst whose outlook for Bitcoin validates current bearish conditions. The analyst, Master Ananda, sees a possible case scenario where the asset drops below the $100,000 price mark.

In a post shared on Tradingview, the analyst asserts that the rising bearish sentiments will only be validated if the asset breaks below the $100,000 support level.

He explained that the bear trend would have fully kicked in at this point, and Bitcoin could continue in a downward trend. The analyst sees the asset going down to $88,888 and potentially trading at $82,500 if the bears remain in control.

An excerpt of his post reads; 

“Bitcoin being bearish is only true if the $100,000 support level breaks. If it breaks expect the market to dive down, deep and fast and reach around $82,500 or $88,888. But this is only if the support breaks.”

On the flip side, the analyst explains that Bitcoin may continue on an upward trajectory and possibly attain a higher price level if support holds. Should selling pressure soar, “the flush is likely to be super fast and strong, which means that you will still get higher prices in the coming weeks,” he added.

This means that the long-term outlook is still bullish, although the bears could take control for a brief period, according to the analyst. He observed that the bearish pressure has resulted in the liquidation of long positions, but maintains optimism about Bitcoin’s ability to bounce back.

“It will be nice to see how it all develops, but it shouldn’t take more than two weeks. We are likely in the clear in a matter of days (2-3 days). Do not be afraid if the market shakes, Bitcoin is going up; Crypto will grow, regardless of the short-term.” He concluded.