Bearish Indicators Point to a Crash
In May, crypto analyst Xanrox predicted a decline in Bitcoin’s price, which has since come to pass. Xanrox identified several bearish indicators:
- FVGAP at $62,000: A gap in the price chart that often signals a retracement.
- Elliott Wave Perspective: The completion of Wave 1 and the expected correction in Wave 2.
- Corrective ABC Pattern: A bearish pattern that suggests a decline.
- Trend Line Breakdown: A bearish signal indicating a potential decline.
Where Bitcoin Could Be Headed
Xanrox has updated his analysis, showing that Bitcoin’s price could fall further:
- Second Trend Line Breakdown: A second trend line has broken down, indicating a negative outlook.
- Symmetrical Triangle Formation: A bearish pattern that could lead to a price drop.
Potential Price Decline
Xanrox’s chart predicts a potential decline to $62,000, which would represent a significant drop of over 10%.
Analyst’s Warning
Xanrox warns investors to be cautious during the summer months, as Bitcoin’s price tends to be less volatile during this time.
Current Bitcoin Price
At the time of writing, Bitcoin is trading slightly below $68,000, with a 2.7% loss in the past week. However, it still shows a 10.28% gain over the past month.
