A Licensed Technical Analyst Has Issued a New Warning About the Bitcoin Price

As the technical outlook for cryptocurrency markets becomes a subject of renewed debate, a notable warning has come from analysts.

Licensed market technical analyst (CMT) Aksel Kibar stated that the Bitcoin price is approaching a critical support level and that a break below this level could trigger a sharp correction.

According to Kibar, the lower boundary of the potential “ascending wedge” formation in Bitcoin is at the $66,000 level. A downward break of this level technically indicates a weakening of the trend and the potential start of a downtrend. Ascending wedge formations generally appear towards the end of uptrends and indicate a gradual decrease in price momentum.

The analyst argued that historical data indicates average pullbacks of 10% to 20% following downward breaks of similar patterns.

Aksel Kibar also pointed out that the overall technical outlook in the crypto market has weakened, stating that bearish flag and bearish wedge formations are being observed in many cryptocurrency pairs. He noted that he uses the 52-week (365-day) moving average for trend analysis and advised investors to act more cautiously under current market conditions.

*This is not investment advice.