Bitcoin
Crypto Analyst Predicts 45% Drop for Bitcoin, But Says It Won’t Drop Below That Level
Bitcoin is in a remarkable state of flux recently after recovering from the dip below $60,000 and establishing support above $61,000. However, with the pioneer cryptocurrency failing to completely overcome important resistance points such as $63,500, bearish sentiment continues to dominate the market. Amid this, a cryptocurrency analyst has predicted that Bitcoin’s decline is far from over, predicting much lower numbers than expected.
Cryptocurrency Analyst Warns of Possible Bitcoin Drop to $35,000
In a new analysis of Bitcoin’s price, cryptocurrency analyst Alan Santana foreseen a possible price drop in the near future. The analysis, which was published on the TradingView website, takes into account the past performances of the cryptocurrency, identifying several points, as a maximum pain point.
Santana points out that for Bitcoin, the maximum pain point currently lies between the 0.618 and 0.786 Fibonacci retracement levels. This means that the price of Bitcoin is far from having bottomed out, going by this analysis. Since Fibonacci retracement levels are still very low currently.
Based on this, the crypto analyst believes that the price will continue to fall with the maximum pain point around $34,900 and $42,855. Going by this prediction, it means that the price of Bitcoin could fall by up to 45% from its current level if this happens.
Interestingly, despite expecting such a large price drop, the cryptocurrency analyst does not believe the price will fall any further. In fact, he points out that the price of Bitcoin will never fall below the $30,000 price level again.
Closing the analysis with a few words for investors and traders, the crypto analyst advises, “Update your numbers, update your trades, update everything. These are the new numbers.”
Not everyone is a pessimist
While Alan Santana’s prediction is very bearish for the price of Bitcoin, not all analysts are on the negative side. In fact, with the 20% BTC Price DropSome cryptocurrency analysts believe that the worst is over and that the pioneering cryptocurrency will see a recovery soon.
One of the cryptocurrency analysts who predicts a recovery in the price is Doctor Bitcoin, who also posted his analysis on the TradingView website. According to the cryptocurrency analyst, this is indeed the time to buy BTC due to a harmonic pattern that appeared in the graphicwhich points to a bullish reversal pattern. For the target, Doctor Bitcoin predicted a possible rally to $85,000, which would be a move of about 35% from the current price point.
At the time of writing, the price of Bitcoin is at $62,800, showing an increase of 2.26% in the last 24 hours.
Featured image created with Dall.E, chart from Tradingview.com