In a message that is shared on TradingView, Crypto analyst Xanrox states that the current bullish cycle is almost over, pointing to a potential downward trend that the Bitcoin -Prijscrash would see up to $ 60,000. This analysis is because Bitcoin acts within a very calm phase, so that many crypto traders and crypto analysts are started Re -assess his next direction.
Xanrox predicts Bitcoin -top at $ 122,000 and crashes to $ 60,000
The world’s largest cryptocurrency has been Floating just above the price level of $ 118,000 now a few days, struggle to break decisively Above this zone but also no large signs of a breakdown. Despite this consolidation, the market sentiment remains cheerful.
Related lecture
The Crypto fear and greed index continues to flash “greed”, and most analysts still claim that Bitcoin stands up for a different leg up. However, this Bullish Consensus challenges an interesting technical prospect and publishes a crash warning.
In particular Crypto -analyst Xanrox Identified a sales signal On the weekly candlestick Time Frame graph after Bitcoin had reached the 1,618 Fibonacci extension and hit the trendline for 2017-2021-2025 2017-2021, with the last touch of the trendline that matches Bitcoin’s recent all-time high at $ 122,800.
According to him, the most recent touch of this trend line is perhaps the top of the current cycle. He also noted that the Elliott golf structure has now completed Golf 5 of a rising WIG and a larger Wave 5 -impulsion movement. As such, a corrective phase is about to start.
What is the next step for Bitcoin?
As shown in the graph below, the next major movement can be at least a decrease of 50%, with Bitcoin dropping to around $ 60,000 in 2026. This projection is based on earlier price promotion, in which Bitcoin respectively paid 84% and 77% prize after touching the trendline in 2017 and 2021.
The technical attitude also corresponds to statistical data that show that August and September historically provide an increased sales pressure. Xanrox noted that although traders can wait for further confirmation, such as a break under the progressive average of 50 weeks, he personally believes that the top is already there. Large institutions and professional investors pay close attention to the 20, 50, 100 and 200-perioding averages.
Related Reading: Bitcoin Short Squeeze Incoming while market makers set the fall to go above $ 123,000
Xanrox’s Outlook is a sharp contrast with the ruling sentiment among crypto -investors. The current structure of Bitcoin still shows strength on higher timetables, and various other analysts see recent consolidation between $ 117,000 and $ 119,000 as the basis for continuation to $ 130,000 and then.
The lack of a large part of the sales side, the company is above the price level of $ 118,000 and the progressive average of 50 weeks, and Bullish indicators in Altcoins As Ethereum on the chains signals are the Bitcoin price Still has more room to run Before this cycle reaches a peak price.
Featured image of Pixabay, graph of TradingView.com