Analyst Predicts Bitcoin Price Will Fall Below $60,000
Bitcoin has fallen below $114,000, facing increased selling pressure after reaching new all-time highs. Analyst Xanrox warns of a potential crash, advising caution for investors.
Bitcoin Crash Predictions
- The price is likely to decline to $110,600, a previous peak with strong support.
- This level has not been tested before and coincides with the 100-day moving average.
- Xanrox indicates that breaking below $110,600 could lead to a further drop to $104,800.
- A fair value gap at this level may attract buyers.
Long-term Outlook
- Xanrox anticipates Bitcoin will eventually drop below $60,000.
- This prediction arises from the completion of five waves in the Elliot Wave Theory, indicating a bearish trend.
- A break below a significant trendline suggests ongoing downward momentum.
- The expected timeline for this decline is in 2026.
