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There’s A Shark In The Water – Crypto News

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2 months ago

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A crypto analyst has shared a technical analysis for the Bitcoin price, predicting a foreboding crash to $41,000. According to the analysis, Bitcoin has formed an unexpected harmonic “Shark” pattern that could extend its downtrend. While a drop to this low level could amplify the fear and uncertainty already plaguing the market, the analyst highlights that the appearance of this pattern is usually bullish. 

Shark Pattern Signals Bitcoin Price Crash To $41,000

Crypto analyst Tony Severino disclosed on X this Wednesday that Bitcoin is forming a rare bullish harmonic pattern on the weekly timeframe. Severino warns that rather than worrying about BTC whale activity, traders should not overlook this distinct pattern, describing it as a “Shark in the water.” 

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In his accompanying chart, the analyst traced the Shark pattern, showing an ABCD harmonic structure. He set his primary target at “D,” which aligns with the $41,000 level. Based on the pattern’s projected trajectory, the analyst believes Bitcoin is likely to face more downside. He predicts that the cryptocurrency could still crash to around $41,000, eliminating more than 55% of its current price of over $91,000.  

Source: X

Notably, Severino highlighted that harmonic patterns, such as the one observed in the BTC chart, often rely on specific Fibonacci ratios. As a result, the figures observed in the current setup are hard to ignore. While his initial projections are significantly bearish, the analyst highlights that a harmonic Shark pattern is traditionally considered a bullish reversal signal once the final leg completes. 

Bitcoin’s Next Move Stuck Between Bearish And Bullish

Another crypto analyst, Ted Pillows, has shared a technical analysis of the Bitcoin price outlook. However, his report outlines a bearish and bullish outcome depending on how BTC’s price moves in the coming days. 

Pillows’ forecast centers on the levels Bitcoin must reclaim to avoid a deeper price correction. Right now, the cryptocurrency is trading above $91,500 after falling by approximately 20% over the past month. Bitcoin has also faced significant negative sentiment despite its recent price recovery. 

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In his post, Pillows noted that after breaking back above $89,000, Bitcoin is now moving higher, approaching a heavy resistance range between $93,000 and $94,000. The analyst has identified this region as a critical decision point that will determine the cryptocurrency’s next direction. 

Dogecoin price 2
Source: X

His chart analysis outlines two potential outcomes. If Bitcoin reclaims and stays above the resistance zone, it could open the door for momentum to push its price above $100,000. Surpassing this threshold could also see the cryptocurrency climb toward $106,000 and $108,000.

On the other hand, if BTC rejects the $93,000-$94,000 range, Pillows expects a retreat toward $88,000. Should this level fail as well, he has set a lower support zone between $80,000 and $82,000. Further decline below this range could drag Bitcoin’s price down toward $78,600. 

Bitcoin price chart from Tradingview.com
BTC price moves above $91,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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