Bitcoin’s Bearish Ballet: Will It Plummet to $88K? 🕺💸

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Gobblefunked takeaways:

  • A sneaky bear flag on the daily chart whispers of a Bitcoin nosedive to $88,000. 🐻📉

  • Traders chatter like squirrels in autumn-BTC might tumble to $97,500,000 if supports crack. 🌰💔

Ah, Bitcoin (BTC), the golden goose of the digital realm, is waltzing into a classic bearish pattern on the daily chart. This isn’t your grandma’s tea party-a breakdown could send it spiraling below $90,000. ☕️💥

Bear flag shenanigans point to $88,000 target 🎯

Bitcoin’s price action has cooked up a textbook bear flag, a mischievous pattern where the price tiptoes upward in a parallel channel after a dramatic plunge. It’s like watching a magician pull a rabbit out of a hat-except this rabbit bites. 🐰🎩

In Bitcoin’s case, the flag unfurled after BTC hit rock bottom at $103,530 on Oct. 11. The consolidation has been as stubborn as a mule, with the price repeatedly poking the support line of the flag, currently lounging at $107,500.

If a daily candlestick closes below this level, the bear flag will cackle with glee, paving the way for a bearish encore toward $88,100. That’s a 19% haircut-ouch! ✂️😱

Momentum indicators, like the RSI, are nodding in agreement, with the RSI at 42-a clear sign the bears are still calling the shots. 🐻👑

As CryptoMoon squawked, a similar pattern on the four-hour chart hints at a drop to $98,000, a level to watch for a potential U-turn in the short term. 🚗🔄

Keep your peepers on these Bitcoin price levels, says the wise owl 🦉

Data from CryptoMoon Markets Pro and TradingView reveals BTC/USD has taken a 13.6% tumble from its all-time high above $126,000. That’s enough to make even the bravest bulls wobble. 🐂😵

This slide has pushed Bitcoin below the short-term holders’ cost basis of $113,100, a move that historically signals “weak hands are throwing in the towel,” according to Glassnode, the onchain oracle. 🧙‍♂️📉

Glassnode’s Supply Quantiles Cost Basis Model warns that bulls must keep BTC above the 0.85 quantile at $108,600 to avoid another sell-off. Otherwise, it’s a slippery slope to the 0.75 quantile, lurking near $97.5K. 🛷❄️

“Historically, failure to hold this threshold has signalled structural market weakness and often preceded deeper corrections. It’s like trying to hold a greased pig-slippery business!” 🐖💨

Crypto analyst Daan Crypto Trades points to $111,000 as “the golden ticket in the short term.” 🏆

“If the price can break and hold above that, we’re off to the races. But if not, it’s like trying to catch a greased watermelon-slippery and likely to end in tears,” he quipped on X. 🍉😭

“It’s good that the $107K level held during all this chaos, even with stocks acting like a herd of stampeding elephants. But that’s the support to watch-if it breaks, it’s a freefall!” 🐘🌀

As CryptoMoon chirped, Bitcoin is at a crossroads. A daily close below $107,000 would clear the runway for a plunge to the psychological $100,000 mark or lower. It’s like standing at the edge of a cliff-one wrong step, and it’s a long way down. 🚶‍♂️🌋

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2025-10-23 17:20