Crypto Strategist Who Predicted Bitcoin Rejection At $70,000 Reveals Where Price Is Headed Next

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As a seasoned financial analyst with a background in cryptocurrencies, I find Xanrox’s analysis intriguing and well-supported by the current market indicators. Based on his prediction, it seems that the crypto market, particularly Bitcoin, may be facing a significant decline in the coming weeks.

An astute cryptocurrency analyst correctly foresaw the recent Bitcoin price drop. Based on this expert’s assessment, the crypto market downturn could be far from over.

Bearish Indicators Pile Up For A Bitcoin Crash

I, as a crypto analyst, took a contrarian view earlier this week when the crypto market was still buoyed by Bitcoin’s climb above $70,000. I shared my analysis on TradingView, explaining that various technical indicators suggested a potential Bitcoin price correction was imminent.

Based on my analysis, I identified a potential crash for Bitcoin in June, as indicated by the price action observed in May. One of the signs I noticed is the “FVGAP” formed at $62,000. According to my interpretation, this gap might signal a bullish trend for the digital currency. The reason being that gaps tend to get filled out relatively quickly, implying that the retracement could be imminent.

The analyst highlights another signal using the Elliott Wave theory, stating that Bitcoin’s price has completed its initial impulsive wave, labeled as Wave 1. In accordance with this theory, a bullish wave (Wave 2) is anticipated to follow due to the market’s wave-like movements. However, Xanrox adds an additional observation: there might be a corrective ABC pattern forming in the near future.

At last, the analyst draws attention to a tiny red trendline visible in the graph, which has begun to break. Trendline ruptures are typically seen as bearish signs. Moreover, the analyst identifies an emerging rising wedge pattern within the chart, which further strengthens the indication of an impending decline.

I made an initial analysis of Bitcoin’s price movement on May 29th, which predicted a potential drop below $68,000. Since then, the price has indeed broken down beneath that level. Consequently, I have revised my post to reflect new developments and provide insights into where the price may be headed next.

Next Steps For BTC

In the subsequent posts, Xanrox highlights that a second declining red trendline has been breached following the first, casting a bleak outlook on Bitcoin’s price based on this pattern. Furthermore, Xanrox identified a symmetrical triangle formation in the BTC price chart, which he anticipated would result in a downward breakout and subsequent price drop.

Regarding the potential drop in Bitcoin’s price, based on the analyst’s chart, there’s a possibility of a significant decline reaching around $62,000. This represents approximately a 10% decrease from the current level and could potentially trigger further price adjustments throughout the market. The analyst, who holds a bearish stance, advises caution during the summer months as Bitcoin’s volatility tends to be relatively low during this period.

Regarding Bitcoin’s current status, it is presently hovering around $67,900, according to the latest update, representing a 2.7% decrease in value over the past week. Nevertheless, Bitcoin’s monthly performance remains positive, exhibiting a noteworthy growth of 10.28%.

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2024-05-30 22:16