Bitcoin Bearish Pattern Points To $51,400 Price Target – Analyst

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Bitcoin Bearish Pattern Points To $51,400 Price Target – Analyst - NewsBTC

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Related Reading: Solana Approaches Make-or-Break Level As Technicals And Fundamentals Align – Analyst Bitcoin Faces Short Pressure From Binance Traders In other developments, crypto analyst Ali Martinez reports that 56.18% of Binance traders have opened short positions on Bitcoin, indicating that a majority of traders on the world’s largest exchange are predicting a price decline despite Bitcoin’s recent upward momentum.

While recent market gains point to a rising bullish momentum, Cryptododo7 states that the bearish pennant formation signals much potential for a deeper price correction.

A decisive close below this level would validate the bearish pattern and signal a likely continuation of the downtrend, with a projected price target of $51,400. Cryptododo7 explains that $51,400 represents Bitcoin’s strongest support level as it aligns with the 200-week moving average.