Bitcoin could fall to $52,000 if a developing wedge pattern breaks down, warns veteran analyst Aksel Kibar. Known for his accuracy, Kibar previously flagged a similar pattern before Bitcoin’s earlier selloff. His technical analysis suggests that a breach of $66,000 would trigger further declines.
Kibar advises traders to respect invalidation when a technical setup fails, advocating for risk management over directional calls. As a Chartered Market Technician and founder of Tech Charts LLC, his insights carry significant weight in the market. Traders should monitor the $66,000 level closely.
Bitcoin must break above $74,500 to avoid this scenario.
