Is Bitcoin Price Not Over Yet? Why Could It Drop to $89,000?

The price of Bitcoin could collapse if it fails to hold a key resistance level. A cryptocurrency analyst has revealed that a drop to $89,000 is entirely possible, as selling pressure below $100,000 continues to hinder Bitcoin's price increase. The price of Bitcoin may adjust down to $89,000. On November 26, TradingView's cryptocurrency analyst Pejman Zwin shared a detailed chart showing technical analysis of Bitcoin price fluctuations on a 1-hour timeframe. The Bitcoin price chart highlights important resistance levels, support zones, and technical indicators indicating an imminent crash.

At the beginning of the price chart is the yellow area identified as the Potential Reversal Zone (PRZ), where Bitcoin is expected to face significant resistance as it approaches the $100,000 mark. The chart also highlights a horizontal resistance line around $95,904, which Bitcoin previously struggled to break through. At the current resistance level from $97,000 to $98,000, Zwin has indicated that if Bitcoin can successfully surpass this threshold, its price could significantly increase to $100,000. On the other hand, Bitcoin could undergo a large decline if it fails to reach the resistance level mentioned above. The price chart of the analyst shows the green areas representing important cone-shaped support zones, where Bitcoin could rebound if its price adjusts. If Bitcoin drops below the support level between $95,600 and $92,000 and breaks below its ascending channel on the chart, Zwin has predicted that its price could drop to a minimum of $89,000 in this bullish cycle. The analyst describes this breakdown as a "long-term accumulation leverage liquidation, where Bitcoin could see its price adjust between $91,000 and $89,000, reflecting a decline of 8% to 10% for the pioneering cryptocurrency. The main factors driving BTC prices up On the other hand, Zwin revealed in his Bitcoin analysis report that cryptocurrency is rebounding, driven by a positive market sentiment wave due to recent developments in the cryptocurrency space becoming headlines. The analyst revealed that the news about the Chinese court affirming the legality of Bitcoin and the ownership rights of cryptocurrency are the main catalysts behind the strong price increase of BTC. In addition, Donald Trump's plan to appoint a cryptocurrency advisor to the White House has significantly boosted the price of BTC, pushing it to its current level and surpassing key resistance levels. Based on the chart, Zwin reveals that Bitcoin has entered a new impulsive wave from the Elliott wave theory. This price development occurs after the cryptocurrency surpasses major resistance lines. Furthermore, Zwin's Bitcoin price chart shows the "Bump and Run Top pattern", with the cryptocurrency completing the "Bump phase" and entering the "Run phase". Considering this, analysts have predicted that if Bitcoin can surge above $98,700, investors and market observers should expect the price to soar to $100,000.