Crypto Strategist Who Predicted Bitcoin Rejection At $70,000 Reveals Where Price Is Headed Next
30 Maio 2024 - 4:00PM
NEWSBTC
A crypto strategist who accurately predicted the current Bitcoin
downtrend has shown where the price is headed from here. If the
analyst’s prediction is anything to go by, then the decline in the
crypto market may only just be in its beginning stages. Bearish
Indicators Pile Up For A Bitcoin Crash Earlier this week, when the
crypto market was still euphoric with the Bitcoin climb above
$70,000, crypto analyst Xanrox was one of the few who called a
possible decline in price. The analyst took to the TradingView
website to share this analysis, where he showed that indicators
point to a Bitcoin price retrace. Related Reading: Shiba Inu Price
Prediction: SHIB Shows Unusually High Strength Against Dogecoin
According to the analyst’s initial post, Bitcoin is going to crash
in June and the reason lie in the price action that was seen in
May. One of the indicators that Xanrox points to is the “FVGAP”
that was created at $62,000, and as the analyst explains, this can
signal a bullish trend for the digital asset. This is mainly
because this gap that was created at $62,000 are filled out “sooner
rather than later,” suggesting that the retrace could be happening
soon. Another indicator that the analyst points to is the Elliott
Wave perspective, pointing out that the Bitcoin price has finished
the first impulsive Wave 1. Naturally, as the market moves in
waves, the next wave, Wave 2, is expected to be bullish. But that
is not all, as Xanrox points out the creation of a corrective ABC
pattern from here. Last but not least, the analyst points out a
small red trend line that has formed in the chart and is already
breaking down. Such breakdowns in the trend line are bearish; add
in the rising wedge pattern that the analyst sees in the chart, and
it seems to be a perfect recipe for a decline. Xanrox initially
posted his analysis on Wednesday, May 29, and since then, the
Bitcoin price has broken down below $68,000, suggesting this
prediction could come to pass. As a result, the analyst has now
updated the post, showing where the price could be headed next.
Next Steps For BTC In the follow-up posts, Xanrox points out that
another red trend line is now breaking down after the first. With
two in a row, it paints a very negative picture from the Bitcoin
price from here. Additionally, the crypto analyst revealed that the
BTC price has formed a symmetrical triangle, which he expected to
break down. When this happens, the price is expected to fall.
Related Reading: Shiba Inu Open Interest Explodes 85% Amid 15%
Price Jump, Why This Is Important As for how far Bitcoin can fall
from here, the analyst’s original chart shows a breakdown toward
the $62,000 level. This would mean an over 10% decline in the
price, something that could shake prices all across the market.
“Currently, I am bearish, so be careful during the summer as the
price action is not the most volatile for Bitcoin during this
season,” the analyst warned. As for Bitcoin, it is currently
sitting just below $68,000, at the time of writing, with 2.7%
losses in the last week. However, the monthly remains green for the
pioneer cryptocurrency as it’s seeing 10.28% gains. Featured image
created with Dall.E, chart from Tradingview.com
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