- Bitcoin’s price is nearing a critical support level near $66,000 amid significant volatility, according to analysts’ chart assessments.
- Technical analyst Ted notes that a daily close below $66,000 could push BTC to new lows, while a loss of the $69,000-$70,000 zone would accelerate the downtrend.
- Institutional selling and fading momentum are cited as drivers of the recent price decay.
- According to CoinCodex BTC stats, long-term forecasts project BTC may hit $166,372 by 2030.
Bitcoin‘s price is currently showing significant volatility as it approaches a crucial support level, with analysts on social media issuing warnings about a potential bear flag pattern forming on its chart this week. Consequently, the risk of a further plunge is increasing as the asset struggles to defend the $66,000 threshold.
Analyst Ted stated in a tweet, “$BTC has formed another bear flag. A daily close below the $66,000 level could push Bitcoin to new lows.” He attributed the recent decline to institutional selling and fading market momentum. Meanwhile, Ted had earlier emphasized that losing the $69,000-$70,000 zone would accelerate the downtrend.
However, longer-term technical perspectives offer a contrasting outlook. According to CoinCodex BTC stats, Bitcoin’s price is forecasted to hit $166,372 by 2030. This data suggests a potential recovery and growth once the current market momentum shifts.
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