Bitcoin Bearish Shift: Is This the Start of a Major Downtrend?

Bitcoin Bearish Shift: Analyst Predicts $80,000 Mark Could Signal More Losses

During early Asian trade on Monday morning, Bitcoin dropped to a little over $80,000, marking the beginning of the week in a downtrend of over 5%. The asset, which peaked at $108,000 in December and January before falling back to five figures, completed a double-top chart pattern, according to analyst and chart expert Peter Brandt.

Before adding, “Don’t shoot the messenger,” he said, a pennant pattern retested the top and has now finished confirming a bearish chart. For Bitcoin to turn positive once more, he stated, it must regain the high $90,000 price level.

Bitcoin’s Recent Plunge: Will the $78,000 Support Hold, or Is $75,000 Inevitable?

Since mid-January, Bitcoin has been declining and has now dropped 25% from its peak earlier this year. Prices may fall even more because a correction of this size is not unusual in a bull market, and greater pullbacks have occurred in past cycles. In this regard, Arthur Hayes, a co-founder of BitMEX, forecasted more losses on X on March 9. He stated that Bitcoin would revisit $78,000, the price it last reached on February 28.

If it fails, $75,000 is next in the crosshairs,

Hayes

On the other hand, the cryptocurrency Fear and Greed Index was at an extreme greed of 92 a year ago. However, it is currently at an extreme fear level of 17, according to Anthony Pompliano, founder and CEO of Professional Capital Management.

Bitcoin is 20% higher over the same time frame. Don’t get tricked by online sentiment. It is all noise.

Pompliano

For more up-to-date crypto news, you can follow Crypto Data Space.