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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin Price Shows Bearish Engulfment After Breakout, Here’s How Far The Price Could Crash

Scott Matherson
Scott Matherson
11 months ago
3 mins read
Bitcoin crash

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The Bitcoin price action is raising concerns after a failed attempt to push past critical resistance levels, with bearish signals now emerging. According to an analysis shared on TradingView by the analyst RLinda, Bitcoin could be on the way to reversing last week’s gains and correcting heavily due to the formation of a bearish engulfing pattern.

Failed Push Above $69,000 Marks Bearish Reversal For Bitcoin

RLinda’s analysis of the Bitcoin price trajectory is based on a new bearish engulfment candlestick pattern that is developing on the daily candlestick timeframe. Last week, Bitcoin experienced a notable rally that brought the cryptocurrency into a strong buying zone around $68,900. 

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Despite the bullish momentum, Bitcoin bulls were unable to push the price through the $69,000 resistance zone, encountering repeated rejections as the cryptocurrency pushed toward this level. 

RLinda’s analysis noted that this inability to break higher has led to the formation of a bearish engulfment pattern over the past three daily candlestick bars, which could be a sign that the sellers are regaining control. 

The bearish engulfment pattern, where the latest candle completely engulfs the previous day’s candle, is a strong reversal signal that suggests the upward momentum has exhausted itself. This pattern, combined with the failure to clear the $69,000 zone, indicates that Bitcoin could be facing a deeper correction.

RLinda’s goes further to highlight that the recent rally appears to have been a false breakout from the descending resistance trendline that has been in place since Bitcoin reached its all-time high of $73,737. The descending trendline has acted as a ceiling for Bitcoin’s price rallies since March. Although last week’s rally initially seemed to break through it, the subsequent rejection suggests the breakout was not sustainable.

Given this, the analyst notes that Bitcoin has now returned to a consolidation phase just below this trendline. As Bitcoin continues to consolidate, it increases the risk of deeper correction.

Bitcoin price
Source: X

How Far Can A Bitcoin Price Correction Go?

Looking ahead, RLinda foresees a potential correction in Bitcoin’s price, with the first target for a decline set around $65,000. Should this level fail to hold, further corrections could see Bitcoin falling to $61,000, $58,000, and possibly as low as $57,000. 

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However, this bearish outlook is not set in stone. RLinda adds that the bearish structure could be invalidated if Bitcoin manages to break above $69,400. A break above would secure the bullish momentum and a sustained breakout above the descending triangle.

At the time of writing, Bitcoin is trading at $66,670, marking a 0.6% decline in the last 24 hours. The current price action aligns with RLinda’s prediction of consolidation below the descending resistance trendline. 

In the meantime, the next few days could determine how much Bitcoin closes October (Uptober) in the green zone. Resistance levels to watch are $66,500 and $65,000, while support levels to watch are $68,400, $69,400, and $71,500.

Bitcoin price chart from Tradingview.com
BTC price still below $67,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Ad discliamer

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