As Bitcoin ($BTC) navigates a volatile landscape, recent analysis from crypto expert Zen (@WiseAnalyze) on X sheds light on its current trajectory.
The cryptocurrency dipped to the ~98k support zone as predicted, forming a “buy tail” pattern—a technical signal where 70% of similar formations in volatile markets like BTC/USD precede short-term recoveries, according to TradingView data.
The spotlight now shifts to ~103.5k, where the Year Value Area High (VAH) and Daily 20-SMA (Simple Moving Average) are set to converge. This level could determine Bitcoin’s next major move, with a 2022 ScienceDirect study highlighting that geopolitical shocks—such as the alleged U.S. bombing of Iranian nuclear sites—can amplify price swings by 10-15% near key technical levels. The recent dip, triggered by this geopolitical unrest, underscores how global events continue to sway crypto markets.
Zen’s analysis suggests two potential paths: a rejection at ~103.5k could push prices toward 94.6k, while a breakout might signal a recovery. However, the expert leans toward caution, predicting another dip this or next week before a true reversal. This aligns with Bitcoin’s historical volatility, where 80% of its existence has seen prices 80-90% below all-time highs, challenging the narrative of uninterrupted growth.
For traders, this is a pivotal moment. The “buy tail” offers a potential entry point, but the odds of further downside loom large. With volume holding steady and geopolitical tensions unresolved, Bitcoin’s resilience will be tested. Are we witnessing a “buy-the-fear” opportunity or the start of a broader unwind? Share your thoughts in the comments, and stay tuned to CoinCryptoNewz for the latest updates on this evolving saga.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
