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Bitcoin has been in a remarkable state of flux. Recently, after recovering from the crash that dropped below $60,000 and establishing support above $61,000, however, with the leading cryptocurrency failing to completely overcome important resistance points like $63,500, bearish sentiments are still dominating the market. Amidst this, one crypto analyst has predicted that Bitcoin’s crash is not over yet, Expect much lower numbers. than expected.
Cryptocurrency Analyst Warns of Potential Bitcoin Collapse to $35K
In a new analysis of the Bitcoin price, cryptocurrency analyst Alan Santana has provided And expect A possible price collapse in the near future. The analysis, published on TradingView, takes into account the cryptocurrency’s past performance and identifies various points such as the maximum pain point.
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Santana points out that Bitcoin’s maximum pain point is currently located between the 0.618 and 0.786 Fibonacci retracement levels. This means that Bitcoin price The price has not reached the bottom yet, according to this analysis. Since the Fibonacci retracement levels are still very low at the moment.
Accordingly, the crypto analyst believes that the price will continue to collapse with the maximum pain points at $34,900 and $42,855. According to this prediction, this means that the price of Bitcoin could collapse by up to 45% from its current level if this happens.
Interestingly, despite expecting such a massive price crash, the cryptocurrency analyst doesn’t think the price will fall any further. In fact, he points out that Bitcoin price The stock price will never fall below $30,000 again.
The crypto analyst concluded his analysis with some words for investors and traders, advising them: “Update your numbers, update your trades, update everything. These are the new numbers.”
Not everyone is pessimistic.
While Alan Santana’s prediction is very bearish for Bitcoin, not all analysts have taken the negative path. In fact, with a 20% drop Bitcoin price collapseSome cryptocurrency analysts believe that the worst is already over and the leading cryptocurrency will soon see a recovery.
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One cryptocurrency analyst who is predicting a price hike is Dr. Bitcoin, who also It was published. Analysis on TradingView. According to the cryptocurrency analyst, this is the right time to buy BTC because of the harmonic pattern that has emerged in Scheduleindicating a bullish reversal pattern. As for the target, Dr. Bitcoin expects a potential rise to $85,000, which represents a move of about 35% from the current price point.
At the time of writing, Bitcoin is trending towards the $62,800 level, showing a 2.26% increase in the past 24 hours.
Featured image created using Dall.E, chart from Tradingview.com
