After the Bitcoin price recovered from the flush to $63,000 this past week, expectations are that the uptrend could continue. This has led to predictions for the next rally and that the BTC price could rise above $70,000 as a result. However, one analyst has put a stop to this move and predicted that another crash could be on the way. This could lead to a definitive bottom, but suggests much lower prices come first.
The ending diagonal that suggests Bitcoin is going down
EduwaveTrading posted analysis on the TradingView website which paints quite a bit bearish view for the Bitcoin priceat least in the short term. This prediction has to do with the fact that Bitcoin will not reach the previous swing low, and this could mean that a new wave is coming to help it reach that swing low.
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Since the swing low was not reached, the crypto analyst suggests that Bitcoin could have entered a widening diagonal pattern. This pattern, despite the recovery, points to a different pattern possible downward movement. This move would be the start of a deeper downtrend that would send the price to new yearly lows.
The swing-low target here is just above $62,000 and could be a magnet for the price at this point. When the expanding end diagonal pattern plays out, it means there is one flush left. Once the swing low is broken, the analyst points out that Bitcoin could fall further below $59,000 before finding support again.
Given this pattern, the crypto analyst suggests that investors may want to wait for this next flush to occur before making any moves. Only then would it be so ‘safe’ to get into Bitcointo prevent further losses.
BTC is still very bearish
Like EduwaveTrading, another crypto analyst, Behdark, has done just that predicted that Bitcoin will experience another crash. This time, the analyst points to the decline in the downtrend, coupled with the fact that momentum is declining, indicating that Bitcoin is still very bearish.
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If the sellers remain strong, the crypto analyst will see it Bitcoin drops towards $61,000which coincides with the swing low that EduwaveTrading points out. Both analyzes together say that it is very likely that the BTC price will experience a strong downward movement before sufficient support arises to rise again.
Featured image of Dall.E, chart from TradingView.com