The post Bitcoin Heading For Bigger Drop? These Key Patterns Could Decide Its Next Move! appeared first on Coinpedia Fintech News
Bitcoin’s price fall doesn’t seem to be stopping anywhere soon. As of now, Bitcoin is down 2.20% to about $55,900, its lowest level in a month, with a market cap of $1.10 trillion. However, insights from BitcoinSensus point to two key corrective patterns forming on the daily chart. These could be crucial in deciding if Bitcoin’s price will go lower or make a bullish comeback in the days ahead.
Bearish Outlook: Drop to $44K
According to BitcoinSensus, the Y wave of the current pattern may extend downward to the $44,000 level as shown in the 1-day BTC price chart. This projection aligns with the common 1:1 extension target for a Y wave, suggesting that Bitcoin might face a further decline if this bearish scenario materializes.
There are two major corrective structures still unfolding for $BTC. Since March, the ongoing consolidation could be
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