Despite initial expectations of steady price growth and a robust bull market this year, Bitcoins (BTC) has seen major declines, pushing the price below the $60,000 mark. Due to the cryptocurrency’s extended bearish streak, a crypto analyst has warned that Bitcoin could fall even further, predicting potential fall below $40,000However, the analyst also sees a positive side to his negative outlook, predicting a massive rebound after the decline.

Bitcoin could be heading towards a $40,000 crash

The cryptocurrency analyst known as “Magog PhD” took to Twitter on September 1 to participation a unique encounter he had with a supposed Bitcoin billionaire. The analyst recounted an unusual experience from his summer job as a waiter at a Fresh York restaurant, where the Bitcoin billionaire slid a piece of paper across the table as a tip.

After examining the document, a forecasting chart was revealed Bitcoin’s Future Price TrajectoryThe chart showed that Bitcoin price was set to fall below $32,000, which would mean a huge drop to recent lows. Over the past few months, Bitcoin price has experienced severe volatility and general liquidation which led to a significant drop in prices.

At one point, the cryptocurrency fell by more than 20%, falling below $50,000 before it rebounded to almost $60,000. Demand for Spot Bitcoin ETFs (Exchange Traded Funds) also saw a edged decline, which likely played a role in Bitcoin’s recent surge in value downward trend.

While the bitcoin price chart predicts the cryptocurrency will fall below $32,000, it also shows that bitcoin potentially witness a major explosion above $76,000 after the decline. Similar bullish sentiment was shared by other cryptocurrency analysts in the market.

According to technical analyst and Bitcoin trader, the “Titan of Crypto,” Bitcoin is currently forming a unique technical pattern called the “cup with handle pattern.” Often considered a signal of continued growth, Cup and holder is a technical chart pattern that shows a period of consolidation following an uptrend, followed by a minor pullback and a final breakout to the upside.

The analyst, based on this technical pattern, he believes that Bitcoin is likely to breakout soon, reaching a potential price target of $110,000. He revealed that this bullish price move could occur in last quarter of the yearemphasizing that the cryptocurrency’s recovery “will be epic.”

BTC reaches historic weekly golden cross

Bitcoin May Have Hit Historic Milestone, Cryptocurrency Analyst Jelle Spots Identified creation of a weekly Golden Cross on Bitcoin price chart for the first time in history.

This golden cross occurs when a short-term moving average (MA) crosses over a longer-term moving average (MA). This week, Bitcoin’s 100-week MA crossed above its 200-week MA, indicating a robust bullish signal that could potentially trigger Huge augment in cryptocurrency value.

Featured image created with Dall.E, chart from Tradingview.com