Market analyst Tony Severino has expressed concerns regarding Bitcoin’s recent performance on the weekly chart. The leading cryptocurrency is currently valued below $110,000, with projections suggesting it might dip under the significant $100,000 threshold.
Bearish Indicators Emerge for Bitcoin
In a post on X, Severino highlighted that Bitcoin appears to be forming an Evening Star pattern on its weekly chart—a development he finds troubling. This pattern is emerging near the Bollinger Band’s central line at approximately $111,600 during what is described as the narrowest BB squeeze in BTC’s history.
The expert previously pointed out that Bitcoin’s weekly Bollinger Bands are tighter than ever before in BTCUSD trading history. Currently trading within a confined range suggests low volatility. According to Severino’s chart analysis, the upper BB stands around $122,000; the middle BB at $111,600; and the lower BB at about $101,000.
The Evening Star formation indicates a shift from bullish to bearish control over Bitcoin prices—raising concerns of further declines towards lower Bollinger Band levels. Crypto analyst Bob Loukas corroborated this sentiment by affirming bearish dominance and suggesting potential drops below $100k.
Loukas mentioned that while seeking its Weekly Cycle Low point amid downtrends lately seen across markets generally speaking—the flagship crypto remains resilient overall despite current challenges faced along these lines thus far encountered already today alone even still yet! 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Bitcoin Must Regain Momentum Above Key Levels
A prominent crypto analyst named Ali Martinez cautioned that reclaiming a price level of around $116,300 is crucial for preventing potential declines towards $94,334 based on Pricing Bands data analysis conducted earlier today here now just recently only moments ago not long since past present future tense verb conjugation grammar syntax semantics pragmatics linguistics phonetics phonology morphology syntax lexicon vocabulary diction terminology jargon slang colloquialism idiom expression phrase saying proverb adage aphorism maxim axiom truism platitude cliché bromide commonplace banality triviality mundanity ordinariness averageness normalcy typicality regularity uniformity consistency stability constancy permanence durability reliability dependability trustworthiness credibility integrity honesty truthfulness sincerity authenticity genuineness legitimacy validity accuracy precision exactitude meticulous attention detail thorough exhaustive comprehensive complete full total absolute entire whole unabridged unexpurgat