Market expert Tony Severino has raised some concerns with the current Bitcoin price action on the weekly chart. This comes as the flagship crypto trades below $110,000, with predictions that it could further drop below the psychological $100,000 level.
Bitcoin Price Forms Bearish Pattern On Weekly Chart
Severino revealed in an X post that the Bitcoin price is potentially forming an Evening Star pattern on the weekly chart, something he is wary of. He noted that this pattern is forming right at the Bollinger Band basis line, at around $111,600, during the tightest BB squeeze in BTCs history.
The market expert had earlier revealed that the Bitcoin price‘s weekly Bollinger Bands are officially the tightest in the entire history of BTCUSD price action. Essentially, BTC is currently trading within a tight range, indicating low volatility. Severino’s accompanying chart shows that the upper BB is at around $122,000, the basis BB is at $111,600, while the lower BB is at $101,000.
Meanwhile, the Evening Star pattern suggests that the bears are taking control from the bulls, putting the Bitcoin price at risk of a further downtrend. With the Bollinger bands being this tight, Severino may be cautious of how this could lead to a BTC decline to the lower BB basis. Crypto analyst Bob Loukas confirmed that the bears are in control and indicated that BTC could still drop below $100,000.
He noted that the Bitcoin price is looking to print its Weekly Cycle Low, although he opined that BTC is holding up well despite the current downtrend. The analyst declared that a rally to $118,000 will confirm the start of a new cycle.
Until then, the bears will remain in control. His accompanying chart showed that the flagship crypto could risk dropping below $100,000 during this period when the bears are in control. However, in the long run, Loukas still expects the Bitcoin price to rally to as high as $140,000.
BTC Needs To Reclaim $116,300
Crypto analyst Ali Martinez also warned that the Bitcoin price needs to reclaim $116,300 or risk dropping as low as $94,334 based on the Pricing Bands. He had earlier stated that $107,200 is the crucial support for Bitcoin. The analyst claimed that a drop below that support level would put $100,000 or even $93,000 in play.
Meanwhile, crypto analyst Titan of Crypto noted that the Bitcoin price has broken below the trendline at $110,000. He remarked that confirmation is still needed and that the lagging span must follow to validate this bearish move. However, the analyst is one of those who doesnt believe that BTC has topped, noting that the market is in a period of fear and that this has never marked the cycle top.
At the time of writing, the Bitcoin price is trading at around $109,600, up in the last 24 hours, according to data from CoinMarketCap.