Analyst Warns Bitcoin’s Falling Wedge May Signal Price Drop to $67,000

Bitcoin has been trading around $85,000 over the past week, with fluctuations between $83,200 and $86,000. Recent analysis indicates a positive buying momentum but highlights potential downside risk.

Bearish Analysis by Xanrox

Xanrox suggests the current falling wedge pattern may be misleading and could lead to a price drop.
Forecasts a possible decline to $67,000 before any upward movement.
The price is currently below significant moving averages, indicating a downtrend.
Market psychology and liquidity mechanics are contributing factors, with institutional whales potentially manipulating prices.

Price Movement Prediction

Xanrox predicts a 20% price move this week, primarily downward, targeting $67,000 if $75,000 support fails.
If successful, Bitcoin could test levels between $108,000 and $91,000 before declining further.
As of the latest update, Bitcoin is priced at $84,280.

This outlook reflects increasing institutional interest in Bitcoin, particularly driven by the rise of Spot Bitcoin ETFs.