According to cryptanalyst Przemysław K. Radomski, Bitcoin is in a «deep technical crisis» that could cause the asset to collapse below $75,000.
Bitcoin The cryptocurrency has fallen 11,9% over the past seven days, 10,5% over the past 14 days, and 17,9% over the past 30 days. The cryptocurrency has fallen below both ascending support lines, confirming these moves, and has failed to consolidate above the key psychological level of $100,000.
Radomski noted that this decline occurred when the US dollar was at its weakest. When the currency rises, which the analyst expects in the near future, Bitcoin, will likely fall. When BTC drops below $75,000 and reaches a new yearly low, panic will likely set in, leading to a sharper correction.
A decline in BTC’s price will likely weaken the overall market and raise concerns about AI stocks. Once this happens, other assets will begin to fall precipitously, as the AI stock market bubble is keeping indices high.
The analyst argues that the situation with stocks is different this time, as they clearly haven’t reached new highs, unlike in previous months. If stocks fall and the US dollar index rises, the situation will resemble the conditions of 2008, when the decline was significant and sharp.