Analyst Predicts Bitcoin Could Drop 50% to $60,000 Soon
Crypto analyst Xanrox predicts that the current bullish cycle for Bitcoin may be nearing its end, with a potential price decline to $60,000. This analysis arises amid Bitcoin trading around $118,000 and experiencing low volatility.
Xanrox's Price Predictions
- Bitcoin has been hovering above $118,000, struggling to break this level.
- Current market sentiment is positive, with the crypto fear and greed index indicating "greed."
- Xanrox identified a sell signal on the weekly chart after Bitcoin reached the 1.618 Fibonacci extension and a long-term trendline.
- The recent high of $122,800 may represent the cycle's peak.
- An anticipated corrective phase could lead to a 50% price drop to around $60,000 by 2026.
- This projection aligns with historical data showing significant price declines after similar trendline touches in past cycles.
The potential decline coincides with typical selling pressure in August and September. Xanrox believes confirmation of a downturn would come with a break below the 50-week moving average.
Contrasting views exist among analysts, with some suggesting that Bitcoin's recent consolidation may serve as a base for upward movement towards $130,000.
