Bitcoin’s price is bouncing around, but it’s still looking good for buyers right now. It’s holding above $100,000, a key psychological level. However, one analyst, Xanrox, predicts a price drop.
Bitcoin’s Price Drop: The Why
Xanrox believes Bitcoin is breaking out of an upward trend that started around $74,000 and peaked near $112,000. He points to a symmetrical triangle pattern within that trend. These triangles often lead to big price swings, either up or down, depending on whether buyers or sellers are stronger.
Additionally, Xanrox uses the Elliott Wave Theory, suggesting Bitcoin has completed five upward waves and is now entering a corrective phase (an ABC wave). This corrective phase, he says, should bring the price down to key Fibonacci levels.
Where to Buy Bitcoin (According to Xanrox)
Xanrox suggests three potential Bitcoin buying points based on Fibonacci retracements (0.382, 0.500, and 0.618):
- First Target: ~$98,000: This level coincides with an unfilled “Fair Value Gap” (FVG), making it an attractive entry point.
- Second Target: ~$92,000 (0.500 Fibonacci): If the price drops past $98,000 without much momentum, this is the next potential buying opportunity.
- Third Target: ~$87,500 (0.618 Fibonacci): The lowest of the three potential buying points.
Altcoin Opportunity
Xanrox believes that if Bitcoin drops as predicted, altcoins will fall even further, presenting a great buying opportunity, especially since many are already near all-time lows.
In short: While Bitcoin is currently doing well, this analyst predicts a drop to around $98,000, potentially even lower, creating a good buying opportunity for both Bitcoin and altcoins. However, remember that this is just one analyst’s opinion, and the crypto market is notoriously volatile./p>
