Bitcoin has been in a state of noticeable fluctuation recently after recovering from a crash below $60,000 and establishing support above $61,000. However, with the pioneering cryptocurrency failing to fully clear essential resistance points like $63,500, bearish sentiment continues to dominate the market. Amidst this, one crypto analyst predicted that the Bitcoin crash is far from over, predicting much lower numbers than expected.
Cryptocurrency analyst warns of possible bitcoin price drop to $35,000
In a up-to-date analysis of the price of bitcoin, cryptocurrency analyst Alan Santana Planned possible price crash in the near future. The analysis, which was published on TradingView, takes into account the cryptocurrency’s past performance, identifying various points such as the maximum pain point.
Santana points out that for Bitcoin, the maximum pain point is currently between the 0.618 and 0.786 Fibonacci retracement levels. This means that Bitcoin price is far from hitting a bottom, according to this analysis. Since the Fibonacci retracement levels are still so low at the moment.
Based on this, the crypto analyst believes that the price will continue to fall, with the maximum pain point being around $34,900 and $42,855. Given this prediction, it means that Bitcoin price could fall by as much as 45% from its current level if it comes true.
Interestingly, despite predicting such a massive price crash, the crypto analyst does not believe the price will fall any further. In fact, he indicates that the price of Bitcoin will never fall below the $30,000 level again.
Concluding the analysis with a few words for investors and traders, the crypto analyst advises: “Update your numbers, update your trades, update everything. These are new numbers.”
Not everyone is negative
While Alan Santana’s forecast is very bearish for Bitcoin’s price, not all analysts have gone negative. In fact, with the 20% drop in BTC’s price, some crypto analysts believe that the worst is over and that the pioneering cryptocurrency will soon bounce back.
One cryptocurrency analyst who is predicting a price rebound is Doctor Bitcoin, who also published his analysis on TradingView. According to the cryptocurrency analyst, it is actually time to buy BTC due to the harmonic pattern that has emerged on the chart, indicating a bullish reversal pattern. For the purpose, Doctor Bitcoin predicted a possible rise to $85,000, which would be about a 35% move from the current price point.
At the time of writing, Bitcoin is trading at $62,800, up 2.26% in the last 24 hours.
Featured image created with Dall.E, chart from Tradingview.com
