- Bitcoin price has breached a significant support level at $34,752 on the weekly time frame, hinting at a descent.
- Ethereum price followed BTC’s lead and crashed below the $2,541 foothold.
- Ripple price has also flipped below a stable floor but technicals are still reflecting a bullish possibility.
Bitcoin price is in a fragile state after a breakdown of a critical support barrier. Ethereum, Ripple and many altcoins have already crashed a lot and could continue doing so if BTC does not recover quickly.
Bitcoin price at serious levels
Bitcoin price has signaled a bearish breakout from the bear flag pattern that it has formed over the past five months or so. The 52% crash from an all-time high at $69,000 is known as the flagpole. This downswing was followed by a consolidation in the form of higher highs and higher lows, which formed the flag.
In summary, this bearish continuation pattern forecasts a 52% downswing, determined by adding the flagpole’s height to the breakout point at $38,305. So far, BTC has crashed 13% from this point and has also produced a weekly candlestick close below the $34,752 support level.
A failure to recover above this foothold will likely lead to a crash to $30,000. In a dire case, BTC could nosedive to $18,179, which is the bear flag’s forecasted target for Bitcoin price.
BTC/USD 1-week chart
While things are looking grim for Bitcoin price, a quick recovery above $34,752 could alleviate the bearish pressure. This development could propel BTC to $36,251, where bulls could fight for establishing a different directional bias.
