Bitcoin Price Prediction: Analysts Identify Potential Decline to $41,000
Cryptocurrency analysts have identified technical patterns suggesting Bitcoin price could decline to $41,000, according to recent market analysis shared this week.
The analysis, shared by crypto analyst Tony Severino, highlights a weekly harmonic Shark pattern, which displays an ABCD harmonic structure with a primary target at point “D,” corresponding to the $41,000 level. Severino noted that harmonic patterns typically rely on specific Fibonacci ratios in their formation, and while the pattern suggests potential downside, harmonic Shark patterns are traditionally considered bullish reversal signals once the final leg completes.
Key Takeaways
- Bitcoin analyst Tony Severino identified a weekly harmonic Shark pattern.
- A primary target at $41,000 signals a potential bullish reversal once the final leg completes.
- Near-term price action is pivotal—failure at resistance could lead to a retreat toward support levels.
Severino stated, “Bitcoiners are worried about what whales are doing when there’s a possible Shark in the water. Believe it or not, this is a *bullish* harmonic pattern. Really hard to ignore the Fib ratios on this one” (source).
Separately, crypto analyst Ted Pillows released technical analysis outlining both bearish and bullish scenarios for Bitcoin depending on near-term price action. Pillows’ forecast focuses on key levels Bitcoin must reclaim to avoid deeper correction. According to Pillows’ chart analysis, two potential outcomes exist: if Bitcoin reclaims and maintains a position above an identified resistance zone, momentum could push the cryptocurrency toward higher targets, while failure at the resistance range could lead to a retreat toward nearby support levels.
Market Implications
Bitcoin has recovered partially following a recent decline but is approaching what Pillows characterized as a heavy resistance range that will determine the next directional move. The cryptocurrency’s ability to reclaim and maintain a position above this resistance zone will be crucial in determining its future price action. As Severino noted, the harmonic Shark pattern suggests a potential decline to $41,000, but this could also be a bullish reversal signal once the final leg completes.
For more information on the analysis, please visit the original source: https://crypto.news/analysts-predict-bitcoin-price-could-drop-to-41k/
