Bitcoin’s been on a wild ride lately. After hitting record highs, it’s now taking a nosedive, prompting concerns from analysts. One expert, Xanrox, is sounding the alarm, predicting a significant price drop.
Bitcoin’s Crash Course: The Analyst’s Prediction
Xanrox’s analysis points to several factors suggesting an impending crash. A key indicator is an unfilled “Fair Value Gap” (FVG). The price is already heading back towards this gap, and Xanrox expects an initial drop to around $110,600. This level has strong support, thanks to its history as a previous peak and the presence of the 100-day moving average. Xanrox sees this as a potential short-term trading opportunity.
However, Xanrox doesn’t believe the support at $110,600 will hold forever. He anticipates a further decline to $104,800, another area with significant support due to a previous price range and a bullish flag pattern. Crucially, the FVG also sits at this level. The analyst highlights that many investors have placed stop-loss orders just below $105,130, making it an attractive target for large investors (“whales”) looking to buy.
The Road to $60,000 (or Below)
Xanrox’s most alarming prediction is a potential Bitcoin price fall below $60,000. This prediction is based on two key observations:
- Elliot Wave Theory: The market appears to have completed five upward waves, suggesting a bearish phase is beginning.
- Broken Trendline: A significant trendline, holding strong since April, has finally been broken, reinforcing the bearish outlook.
Xanrox’s timeline for this sub-$60,000 scenario? He’s placing his bet on sometime in 2026.
