Bitcoin, in its ever-volatile dance, made a modest recovery of 14% after plummeting to a chilling four-month low of $76,600 on March 11. Yet, let’s not get ahead of ourselves: it remains about 25% down from its previous euphoric high of around $110,000. All part of the “bull market correction” game—one can almost hear the distant sound of glass shattering as Bitcoin’s bubble slowly deflates.
But hold your applause, because some analysts predict that Bitcoin’s little upward hiccup might just be the calm before the storm.
The “Dark Cloud” Looms: Bitcoin’s Impending Top?
As Bitcoin attempted a rally, it hit resistance at $87,470—a crucial level on its path to the promised land. Enter the ominous “dark cloud cover” pattern, which seems to suggest the end of this bullish dream, courtesy of GDXTrader on X. This pattern—much like a bad omen in a Dostoevsky novel—signals that Bitcoin is headed towards doom. 😱
What is this “dark cloud cover” exactly? Well, imagine a strong green candle, full of hope and promise, being brutally overshadowed by a red candle that opens above its predecessor’s close but ends with the crushing reality of a fall below the midpoint of the first candle. It’s like watching someone get their hopes up, only for reality to slap them right in the face. Classic.
The battle is clear: the buyers tried to push Bitcoin higher, only to be crushed by the relentless sellers. As any seasoned market veteran would tell you, this is a bad sign for the bulls. What’s next? More pain ahead as Bitcoin has failed to close above the $90,000-$93,000 zone—suggesting that the bulls don’t have the strength to break through. Talk about weakness, right?
Perfect Rejection: A $65K Fall Incoming?
Bitcoin’s potential fall is all too real, thanks to the so-called “perfect rejection.” After trying to conquer the $86,000-$88,000 resistance zone, Bitcoin was swiftly shown the door. It’s like trying to force your way into an exclusive club, only to be rejected at the door. That’s the “perfect rejection” in all its glory, according to the ever-popular trader CrediBULL Crypto.
Here’s the picture: Bitcoin tried, and failed, to rise above the local supply zone (highlighted in red). The market slapped it down so hard that it left an orange circle on the chart, as if to say, “Better luck next time.”
Now, with Bitcoin’s failure to break through this zone, we’re left wondering: will it plummet toward the lower support levels of $77,000-$79,000 by March? If that area breaks, we could be staring down the possibility of a drop to $65,000-$74,000 by April. Hold onto your seats, folks, it’s about to get bumpy.
Even George (who seems to know a thing or two) is seeing the same thing. Another chart, another warning.
Hard to Stay Bullish: Enter the Bear Flag
For those still clinging to hope, let’s throw in another grim indicator: the dreaded bear flag. This particular pattern has surfaced in both the S&P 500 and Nasdaq 100, and surprise, surprise—it’s also affecting Bitcoin. As analyst CryptOpus points out, Bitcoin is tightly correlated with traditional markets, and they’re all moving in a bearish direction. A perfect recipe for disaster.
The bear flag pattern forms when prices rise in a tight ascending channel—only to break down when they fall below the lower trendline. It’s like being stuck in a loop of disappointment. And guess what? Bitcoin is currently testing that lower trendline at $84,000. Should it fall through this barrier, a more profound decline could bring us down to $72,000. Sounds thrilling, doesn’t it?
Oh, and as if that wasn’t enough, Bitcoin’s correlation with the broader equity market has grown even stronger. Thanks to a certain global trade war, Bitcoin is following the traditional markets down, just like a nervous child clutching its parent’s hand.
Arthur Breitman, co-founder of Tezos, has boldly declared that the US recession is one of the biggest threats to the crypto market’s fragile existence. Because, of course, nothing says “bright future” like a looming economic crisis. 🙄
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2025-03-21 16:35