Bitcoin’s price is causing some serious debate. One analyst is warning of a potential disaster if it doesn’t hit a new all-time high soon.
A 50% Crash Warning
Analyst Tony Severino is sounding the alarm on X. He’s using Elliott Wave theory, a technical analysis method, to predict a potential crash. His analysis suggests Bitcoin might be nearing the end of a corrective phase (Wave B), which is usually followed by a sharp drop (Wave C). This drop, he warns, could wipe out over 50% of Bitcoin’s value, potentially pushing it down to around $60,000.
He’s drawing parallels to the 2021-2022 bear market, which followed a similar pattern. While he remains bullish long-term, he stresses that a new all-time high is crucial to avoid this scenario. Failure to reach a new high would confirm the corrective pattern and delay the next big bull run. This crash could also severely impact other cryptocurrencies, delaying the anticipated “altcoin season.”
A More Optimistic Outlook?
Despite Severino’s warning, another analyst, “The Crypto Professor,” is more optimistic. They predict Bitcoin will hit a new all-time high of $129,948, based on Fibonacci extension levels. This represents a roughly 10% increase from the current price. They point to previous support levels around $110,000 and $100,000 as potential areas where the price could find a floor if it dips.
The Bottom Line
The future of Bitcoin’s price remains uncertain. While one analyst predicts a potential 50% crash, another forecasts a new all-time high. Whether Bitcoin can break through to new highs or succumb to a significant correction remains to be seen. The coming weeks will be crucial in determining which scenario plays out.