The world of cryptocurrency is always full of surprises, especially when it comes to the price of Bitcoin. Recently, a well-known crypto strategist made a bold prediction about the future of Bitcoin’s price, and if his analysis is correct, the market could be in for a rough ride ahead.
The crypto analyst, known as Xanrox, pinpointed several indicators that point towards a significant decline in Bitcoin’s price in the coming months. His initial post, posted on TradingView, warned that a crash in June was imminent, citing multiple factors contributing to this potential downturn.
Xanrox highlighted the creation of the “FVGAP” at $62,000 as a critical factor in his prediction. This gap, according to the analyst, typically signals a bullish trend for Bitcoin, but if left unfilled, could lead to a price retrace. Additionally, he pointed to the Elliott Wave perspective, suggesting that Wave 2 is expected to be bullish following the completion of Wave 1.
One of the key indicators Xanrox pointed out was the creation of a corrective ABC pattern, as well as a small red trend line that was breaking down in the chart. These technical patterns, coupled with the presence of a rising wedge pattern, painted a bleak picture for Bitcoin’s future price trajectory.
Since Xanrox’s initial prediction, Bitcoin has indeed broken down below $68,000, signaling that his analysis could be coming to fruition. The analyst has updated his post to reflect the current market conditions, showing that another red trend line has broken down, further confirming the bearish sentiment.
Xanrox’s original chart indicated a potential breakdown towards the $62,000 level for Bitcoin’s price, which would represent a significant decline of over 10%. This kind of movement could have far-reaching effects across the entire cryptocurrency market, shaking up prices and investor confidence.
As Bitcoin hovers just below $68,000 at the time of writing, with losses in the last week, the analyst remains bearish on the future price action. With the market entering the summer season, volatility may be at a low, potentially leading to unexpected price movements. It will be interesting to see how Xanrox’s prediction plays out in the coming weeks and whether Bitcoin will indeed experience the predicted decline.