BEARISH 📉 : Bitcoin expert suggests BTC could be at 16-year peak

Crypto expert Tony Severino suggests that Bitcoin might have reached a 16-year cyclical peak, not just a yearly top. This follows Bitcoin's price drop to $60,000, raising concerns of a bear market.

Indicators of a Cyclical Peak

Decreasing size of white candlesticks and engulfing black candlesticks signal a bearish trend.
The Doji at the top of a rising wedge and an Evening Star pattern indicate a potential bearish reversal.
Bearish crossing in the Fischer Transform and Stochastic indicators.
Bitcoin’s RSI falling below 70 after previously exceeding it on the highest timeframe chart.

Bitcoin

The BTC price decline is notable as it hit its largest daily drop since the FTX collapse. Veteran trader Peter Brandt believes Bitcoin may continue to fall to $42,000 before stabilizing.

Reasons Behind the Recent BTC Crash

BitMEX co-founder Arthur Hayes attributes the crash to external factors, particularly dealer hedging linked to BlackRock’s BTC ETF products.
BlackRock’s IBIT recorded a $10 billion trading volume during the price drop.
Bitcoin rebounded above $70,000 with one of its largest daily gains post-crash.
Galaxy Digital’s Alex Thorn views the $60,000 level, coinciding with the 200-week moving average, as a strong entry point for long-term investors.

Currently, Bitcoin is trading around $70,000, marking a 6% increase in the last 24 hours.

Bitcoin