A crypto analyst is predicting a wild ride for Bitcoin, with a massive spike followed by a brutal crash.
The Bull Run and the Crash
The analyst believes Bitcoin could reach a whopping $250,000, but this peak will be short-lived. Once investors cash in their profits, the price could plummet by 98%, dropping to a mere $2,000. This would be a massive shakeout, even surpassing the current price of Ethereum.
Why the Crash?
The analyst explains that the Bitcoin price chart shows a pattern called a “rising wedge,” which often indicates a price drop. This pattern, combined with the potential for institutional investors to sell off their holdings, could lead to a dramatic crash.
Bitcoin’s Future: A Long Road Back
The analyst predicts that if Bitcoin crashes to $1,000, it would take four “halving events” (events that reduce the rate of new Bitcoin production) before it could recover to its previous $200,000 high.
Current Price and Potential Outcomes
Bitcoin is currently trading around $72,000. The analyst sees two possible scenarios:
- Downward Trend:
If Bitcoin follows a “triangle bearish continuation pattern,” it could drop to $71,200. - Bullish Breakout: If Bitcoin breaks through the $73,000 mark, it could signal the end of the downtrend and lead to further gains.
So, while the analyst predicts a massive crash, he also acknowledges the potential for Bitcoin to continue its upward trajectory. Only time will tell which scenario will unfold.
