The Bitcoin price may face a significant crash if it fails to maintain key resistance levels. Analyst Pejman Zwin indicates a possibility of Bitcoin declining to $89,000, as past sell-offs below $100,000 have hindered its upward momentum.
Zwin's analysis, shared on TradingView, emphasizes resistance lines, support zones, and technical indicators. A horizontal resistance is noted around $95,904, and Bitcoin must surpass current resistance levels between $97,000 and $98,000 for a significant rise towards $100,000.
If Bitcoin drops below support levels ranging from $95,600 to $92,000 and breaks below the ascending channel, a crash to $89,000 is possible. This marks an 8% to 10% crash in this cycle.
However, recent market positivity driven by legal affirmations in China and potential U.S. policy developments have pushed Bitcoin prices upwards. These include the legality of crypto ownership in China and potential advisory appointments by Donald Trump.
Zwin highlights that Bitcoin has entered five new impulsive waves in Elliott wave theory, indicating a bullish phase. If Bitcoin exceeds $98,700, it might rally towards the $100,000 milestone.
