Crypto Analyst Predicts 45% Drop For Bitcoin, But Says It Won’t Go Below This Level
02 Juli 2024 - 6:30AM
NEWSBTC
Bitcoin has been in a notable state of flux recently after
recovering from the crash below $60,000 and establishing support
above $61,000. However, with the pioneer cryptocurrency failing to
completely beat important resistance points such as $63,500,
bearish sentiment continues to dominate the market. Amid this, one
crypto analyst has predicted that the Bitcoin crash is far from
over, forecasting much lower figures than anticipated. Crypto
Analyst Calls Out Possible Bitcoin Crash To $35,000 In a new
analysis of the Bitcoin price, crypto analyst Alan Santana has
predicted a possible price crash in the near future. The analysis,
which was posted on the TradingView website, takes into account the
past performances of the cryptocurrency, identifying various points
such as a maximum pain point. Related Reading: SEC Serves Fresh
Lawsuit To Metamask Developer Consensys – What’s The Problem This
Time? Santana points out that for Bitcoin, the maximum pain point
currently lies between the 0.618 and 0.786 Fibonacci retracement
levels. This means that the Bitcoin price has far from bottomed,
going by this analysis. Since the Fibonacci retracement levels are
still so low currently. Based on this, the crypto analyst believes
that the price will continue to crash with the maximum pain point
sitting around $34,900 and $42,855. Going by this prediction, it
means that the Bitcoin price could crash as high as 45% from its
current level if it does play out. Interestingly, despite expecting
such a massive price crash, the crypto analyst does not believe
that the price will fall further. In fact, he points out that the
Bitcoin price will never fall below the $30,000 price level ever
again. Closing the analysis with some words for investors and
traders, the crypto analyst advises, “Update your numbers, update
your trades, update everything. These are the new numbers.” Not
Everyone Is Bearish While Alan Santana’s prediction is very bearish
for the Bitcoin price, not all analysts have gone the negative
route. In fact, with the 20% BTC price crash, some crypto analysts
believe that the worst is already over and that the pioneer
cryptocurrency will see a bounce soon. Related Reading: XRP Price
On The Verge Of Breaking Falling Wedge That Could Lead To 4%
Increase One of the crypto analysts who predicts a bounce in the
price is Doctor Bitcoin, who also posted his analysis on the
TradingView website. According to the crypto analyst, this is
actually the time buy BTC due to a harmonic pattern that has
appeared in the chart, which points to a bullish reversal pattern.
For the target, Doctor Bitcoin has predicted a possible rise to
$85,000, which would be around a 35% move from the current price
point. At the time of writing, the Bitcoin price is trending at
$62,800, showing a 2.26% increase in the last 24 hours. Featured
image created with Dall.E, chart from Tradingview.com
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