Bitcoin (BTC) has crashed below $70,000, underperforming the already weak crypto market selling pressure tests price action. Market analyst Crypto Patel noted that he had anticipated this significant drop, citing BTC’s fragile price structure and persistent bearish factors in recent weeks. Now the expert shares new insights on the latest price drop, predicting how far the ongoing correction could go and what could happen next for the leading cryptocurrency.
Analyst predicts more declines for Bitcoin
Crypto market analyst Crypto Patel on X is to predict further declines for Bitcoin, identifying $50,000 a potential bottom for this cycle. In what he called a “Bitcoin Profit Update,” Patel emphasized that he had accurately predicted the recent 19% crash in Bitcoin in his previous posts.
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The analyst previously warned about this Bitcoin’s previous $80,000 level represented strong resistance, coupled with a fair value difference (FVG). He predicted that Bitcoin, from its previous price of around $82,800, would likely fall to $68,000. Despite criticism from some market observers, Patel remained steadfast and kept a close eye on the market.
His prediction proved to be largely accurate, as BTC recently fell more than 19% to $67,000. He attributed the move to a Bitcoin liquidity grabfollowed by activity around the FVG and a bearish order block around the $89,000 level.
Looking ahead, Crypto Patel noted that Bitcoin has made a lower high around $82,800, a move he had been waiting to confirm. He also highlighted that stop-losses have fallen, from $98,000 to $82,900. The analyst has marked the region of $82,800 as the Current Critical Change of Character (ChoCH), indicating that traders should keep a close eye on this level for possible market shifts.
According to Crypto Patel, only high volume and a high timeframe close to $82,800 could bring Bitcoin back into bullish territory. Without that support, he expects another significant decline.
BTC’s negative targets point to a $40,000 crash
In a recent X-post, Crypto Patel reiterated his preference for Bitcoin remains bearishexpecting the cryptocurrency to crash to much lower levels. He acknowledged the possibility of a short-term relief towards $75,000, but emphasized that this would likely be temporary. After this expected recovery, the analyst expects BTC to fall to the next lower target low near $50,000 later this year.
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Patel marks a break in the structure level (BOS) around $59,800 on his chart as the key trigger that could open the way to a $50,000 plunge. He also noted that if The bearish momentum continuesBitcoin could see an even steeper decline, possibly in the $40,000 – $45,000 range.
Featured image from Geety Images, chart from Tradingview.com