• Bitcoin’s price may drop further, currently down to $55,900 with bearish trends forming.

  • Expert Ali Martinez warns of a potential crash if Bitcoin breaks $51,000 support level.

  • Bullish triangle pattern possibility indicates Bitcoin could hold above $48,888 and rise.

Bitcoin’s price fall doesn’t seem to be stopping anywhere soon. As of now, Bitcoin is down 2.20% to about $55,900, its lowest level in a month, with a market cap of $1.10 trillion. However, insights from BitcoinSensus point to two key corrective patterns forming on the daily chart. These could be crucial in deciding if Bitcoin’s price will go lower or make a bullish comeback in the days ahead.

Bearish Outlook: Drop to $44K

According to BitcoinSensus, the Y wave of the current pattern may extend downward to the $44,000 level as shown in the 1-day BTC price chart. This projection aligns with the common 1:1 extension target for a Y wave, suggesting that Bitcoin might face a further decline if this bearish scenario materializes.

There are two major corrective structures still unfolding for $BTC. Since March, the ongoing consolidation could be shaping into a larger WXY pattern. For bearish scenarios, the Y wave may extend downward to the $44K level, aligning with the common 1:1 extension target for a Y… pic.twitter.com/aBm6b0HvIc

— Bitcoinsensus (@Bitcoinsensus) September 6, 2024

Bullish Possibility: Triangle Formation Ahead?

On the bullish side, BitcoinSensus points out that the Y wave could develop into a triangle formation, completing an ABCDE structure. If this happens, Bitcoin’s price could stay above $48,888 and potentially rise from there. This would be a more positive sign for Bitcoin’s future.

The analysis by BitcoinSensus provides key insights into possible future trends for Bitcoin. Whether the cryptocurrency heads towards the $44,000 target or follows a more bullish triangle pattern will be crucial in determining its price direction in the coming months.

Bitcoin To Crash Hard?

Echoing a more bearish voice, well-known chart expert Ali Martinez has raised concerns about a potential Bitcoin crash. Martinez highlights that the TD Sequential indicator on Bitcoin’s two-month chart has signaled a major sell-off.

He warns that if Bitcoin fails to hold the important $51,000 support level, the cryptocurrency could face a significant downturn. This potential crash could drive Bitcoin’s price down to around $40,600.

According to Martinez, Bitcoin is at a critical point, and its next moves will be crucial for its short-term future. Recently, Bitcoin saw $38.35 million in liquidations over the past 24 hours. This indicates that traders have been heavily affected by the ongoing price declines.

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