Bitcoin Crashes to $95,000: Worst-Case Scenarios Ahead
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Bitcoin price suddenly plunges to $95,000. Analyze the causes, key support levels to watch, and potential worst-case scenarios for traders in this sharp downturn.
The price movement of Bitcoin (BTC) in recent days tested the mentality of traders and investors. Market conditions have become very volatile.
Launching BeInCypto, the owner of the CryptOpung_fx Opung Telegram community said, although the price movement has dropped, the Bitcoin market structure (H4) has not been confirmed to be bearish.
“The market structure has not been confirmed bearish. We see from H4 it is still stuck in the last demand area which is at US$ 95,000 - US$ 93,000. If bearish dominates, he has to break US$ 93,000, " he said.
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According to him, as long as Bitcoin is still able to hold above the crucial zone of US$ 93,000, then there is still hope for a short-term rebound scenario.
The Pivot Point Level at $96,125 is a very vital neutral point now. He emphasized that this level serves as a determinant of the direction of pressure in the short term.
But if it fails to hold above, as long as the price fails to break through and hold strong above us $96,125, then selling pressure will remain dominant.
The nearest Target for Bitcoin's reversal is the resistance level at $98,290, which is also the become resistance (SBR) support area.
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If this level is broken, the next target is to test the much thicker supply area at US$ 102,000- $103,000. However, this does not automatically end a larger bearish trend, but rather only provides a good short-term opportunity.
“The $92,390 Support is the last line of Defense. If the price breaks this level and comes out of the demand zone, it will trigger even greater selling pressure,” he explained.
As for the worst impact, investors should be prepared to see a quick move towards the psychological level of US$ 90,000, or even lower.
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The breakdown of this level is the biggest danger signal because it has the potential to make the yearly candle switch from bullish to bearish.
Regarding the scenario with the greatest probability in the next 24-48 hours, Opung clearly chose the breakdown scenario.
”At the moment, the greatest probability is a breakdown scenario. The pressure from above is still very strong.
We need to see how the price reacts around the pivot of $96,125. If it fails to break above, we should be prepared to retest the demand and support zone at $ 92,390.”
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