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It seems like Bitcoin has been stuck at around $115,000 for eternity, but one of the most followed traders on the market says this trend is about to change big time, and the next stop could be much lower.
Ansem just shared a chart that shows a clear path down, showing how the BTC price could drop from here straight to $88,000 before the end of the year.
The focal point of Ansem's chart is a level just under $116,000 that he calls a "daily bearish breaker" — a zone where sellers have taken back control before — and this time appears no different.
Instead of rising higher from here, Bitcoin has stalled, and the projection shows a slow grind down through $110,000 and then into the $100,700 area, which was a big support zone earlier in the summer. That level might give the bulls a reason to fight, but the way the map is drawn, it will not hold for long.
What's next for Bitcoin?
As it stands, according to Ansem, things are going to go down a bit for BTC, with a bunch of levels on the way: $96,876, $93,576 and $91,660. These are all places where the price has bounced before, but in this setup, they are more like stepping stones on the way down.
The real magnet in the chart is $88,765, which lines up with a quarterly open and a long patch of consolidation that traders remember from earlier this year. If Bitcoin hits that level, it will drop by about 25% from its current trading price.
For a market that has been all about ETFs and big inflows, a slide that big would be a shock to a lot of people, but Ansem is right that the structure already looks bearish. If the pattern plays out, Bitcoin's next big move will not be up — it may be straight toward $88,000.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team