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In our previous Bitcoin analysis, Bitcoin Bulls Running Into Resistance. This Rally Might Be Over!, we made a bold bearish price prediction for Bitcoin after the price failed to break through the $34,443 minor resistance after numerous trials.
Well, that bearish prediction might already have started playing out. The Bitcoin price has had a sharp drop from that $34,443 horizontal level, pointing to a building bearish momentum coming for Bitcoin
In this Bitcoin analysis, we will be talking about the key levels to watch for and the best bearish targets to aim for in this Bitcoin descent.
Related Article: Complete Guide On How To Short Bitcoin
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The $34,443 Key Level For Bitcoin Sellers
We can see how this resistance level held nicely. For our bearish prediction to remain valid, the Bitcoin price must continue to trade below the $34,443 resistance level.
If this level holds, we expect to see a massive sell-off back down to at least the previous lows of $29,261 in the coming days!
Bearish Targets
Our first bearish target is Bitcoin’s previous lows of $29,261. However, there is a very high probability that we might see Bitcoin breakthrough these lows and print a new low in the coming days!
This price dump would likely be Bitcoin’s final leg down before the Bitcoin bearish trend comes to an end!
Final Verdict!
We are bearish on Bitcoin and believe there is a very high probability for the cryptocurrency price to sell off to a new low in the coming days.
The key level to watch is the $34,443 resistance region, as far price continues to respect this resistance, we will remain bearish on Bitcoin for the short term.
However, if this $34,443 key level gives way, this bearish price prediction of Bitcoin becomes invalid!
