Cryptocurrency analysts have identified technical patterns suggesting Bitcoin price could decline to $41,000, according to recent market analysis shared this week.
Summary
- Bitcoin analyst Tony Severino identified a weekly harmonic Shark pattern.
- A primary target at $41,000 signals a potential bullish reversal once the final leg completes.
- Near-term price action is pivotal—failure at resistance could lead to a retreat toward support levels.
Crypto analyst Tony Severino stated Wednesday that Bitcoin is forming a rare harmonic pattern known as a “Shark” on the weekly timeframe. The pattern displays an ABCD harmonic structure with a primary target at point “D,” which corresponds to the $41,000 level, according to Severino’s chart analysis.
The analyst noted that harmonic patterns typically rely on specific Fibonacci ratios in their formation. Severino stated that while the pattern suggests potential downside, harmonic Shark patterns are traditionally considered bullish reversal signals once the final leg completes.
Separately, crypto analyst Ted Pillows released technical analysis outlining both bearish and bullish scenarios for Bitcoin depending on near-term price action. Pillows’ forecast focuses on key levels Bitcoin must reclaim to avoid deeper correction.
According to Pillows’ chart analysis, two potential outcomes exist. If Bitcoin reclaims and maintains a position above an identified resistance zone, momentum could push the cryptocurrency toward higher targets. Conversely, if Bitcoin fails at the resistance range, a retreat toward nearby support levels is expected, with failure at those supports potentially exposing the market to further downside.
Bitcoin has recovered partially following a recent decline but is approaching what Pillows characterized as a heavy resistance range that will determine the next directional move, according to the analysis.
Source: https://crypto.news/analysts-predict-bitcoin-price-could-drop-to-41k/
