Bitcoin’s price has been pretty stagnant lately, hovering around $118,000. While many are still optimistic, one analyst is sounding the alarm bells.
A Bearish Prediction
Crypto analyst Xanrox believes Bitcoin’s recent high near $122,800 might actually be the peak of this bull run. He’s using some pretty technical stuff to make his case, like Fibonacci extensions and Elliott Wave theory. Basically, his analysis suggests that Bitcoin has completed a major upward trend, and a correction is due.
The Crash Prediction: Down to $60,000?
Xanrox predicts a significant price drop – potentially a 50% crash, taking Bitcoin down to around $60,000 by 2026. He points to previous crashes after similar price action in 2017 and 2021 as support for his prediction. He also notes that August and September historically see increased selling pressure in the crypto market.
While he suggests waiting for confirmation, like a break below the 50-week moving average, Xanrox thinks the top is already in. Big investors often watch these moving averages closely.
But Not Everyone Agrees
It’s important to note that Xanrox’s prediction is not the consensus view. Many other analysts remain bullish, seeing the recent price consolidation as a temporary pause before another push upwards towards $130,000 or higher. They point to factors like the lack of major selling and the strong performance of other cryptocurrencies like Ethereum as reasons for optimism. The situation is far from clear-cut.
