A prominent crypto analyst who accurately predicted Bitcoin’s previous decline from $91,000 is now warning of further downside, with a potential drop to $73,000 on the horizon. Recent whale movements at the $90K level appear to support this bearish outlook.
Market Analysis: Why Bitcoin Could Drop Further
TradingView analyst RLinda has identified several critical factors pointing to an imminent correction:
- False breakout above $91,000 resistance
- Formation of a clear sell zone
- Declining market momentum
- Increased selling pressure from large holders
Key Price Levels to Watch
The analysis highlights crucial support and resistance levels:
- Resistance Levels: $89,400, $91,000, $93,000
- Support Levels: $82,000, $78,000, $73,000
- Critical Zone: $73,000 – $66,000
Market Catalysts Behind the Bearish Outlook
Several factors are contributing to the current market instability:
- Recent comments from Donald Trump regarding Federal Reserve policy
- Disappointing outcome of the crypto summit
- Widespread profit-taking by investors
- Limited market liquidity
SPONSORED
Trade Bitcoin with up to 100x leverage and maximize your profit potential
Technical Outlook and Market Implications
The current market structure suggests Bitcoin is in a deep correction phase. A break below $82,000 could trigger cascading liquidations and accelerate the decline toward $73,000. This correction might actually be healthy for the market long-term, allowing for a reset in leverage levels and improved liquidity conditions.
Risk Management Considerations
Traders should consider implementing strict risk management strategies:
- Set stop losses below key support levels
- Avoid excessive leverage during high volatility
- Monitor whale wallet movements for potential trend shifts
- Watch for liquidation cascades near support levels
Source: NewsBTC