Bitcoin’s recent price drop below $90,000 surprised many, especially those expecting a continued bull run. But one analyst predicts an even bigger fall.
A Potential Plunge to $63,000
TradingView analyst Alixjey believes Bitcoin needs to break through $99,500 to keep climbing. If it fails, he thinks it could plummet to as low as $63,000. The last time Bitcoin was around $60,000 was during its 2024 rally following the launch of Spot Bitcoin ETFs. A drop to $60,000 from its 2024 high of $104,000 would be a major hit for investors.
A Buying Opportunity?
Alixjey’s chart shows Bitcoin potentially reaching $106,000 or falling to $60,000-$65,000 if it can’t break the resistance. He sees this potential drop as a great chance for long-term investors to buy low. Many retail investors missed out on buying at lower prices earlier this year.
He considers the $60,000-$65,000 range the last good entry point, suggesting it’s ideal for holding (HODLing) until Q3 or Q4 of 2025 for potential profits. This implies he expects a price recovery later in the year.
Other Factors and Cautions
Alixjey also points out two liquidity levels likely to be cleared soon (on a 4-hour chart). He’s currently bearish on Bitcoin unless it breaks through the $94,000-$98,000 resistance. He also warns that upcoming Non-Farm Payroll (NFP) data could cause major volatility in both stocks and crypto, urging caution.
Another Analyst’s Prediction
Another analyst, Herbert Sim (CMO of AICean), also predicts a Bitcoin crash, potentially to $40,000, due in part to the recent approval of a crypto reserve in the US. He believes this crash, while significant, would be temporary, lasting from weeks to years. However, he also thinks long-term holders will eventually profit from a rebound.
