Bitcoin remains at critical levels, which could determine its next move. Given the current negative sentiment, expectations remain that the next move in Bitcoin's price is likely to be a rapid price crash. This seems to be supported by a technical pattern that shows the cryptocurrency falling below a major level. As its performance so far shows, it is likely that BTC will follow the historical trend and the price will eventually become bearish.
Why Bitcoin price may collapse
As sentiment plummets and the sell-off intensifies, the likelihood of a crash increases. One major development that suggests further declines may be coming is that the Bitcoin price has lost its trend line on the logarithmic chart, which is historically a bearish move for the price.
Crypto analyst and CMT certified expert Tony “The Bull” Spilotro highlighted this development and gave a bearish move. According to Spilotro, the Bitcoin price has now lost its logarithmic trend line that began in 2024, which has enormous implications for the cryptocurrency.
Historically, whenever Bitcoin price loses this trendline on a logarithmic chart, the outcome has always been very bearish. The usual end result is a collapse in prices. Therefore, it is important to pay attention to this break. If it holds, it would mean that the fall in BTC price is not over yet.
Crypto analysts explain that fractals are not a given and may not behave exactly, but that does not mean they are not important. “While fractals are not a guarantee, they are a valid example that the loss of a straight trend line on a log chart should not be ignored,” Spilotro said.
Basically, if this trend plays out as expected, it would mean that the Bitcoin price crash is not over yet. So far, analysts have warned of a price decline, with some predicting BTC to drop as low as $50,000.
Featured image from Dall.E, chart from TradingView.com
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