Crypto analyst Tony, who predicted the Bitcoin crash from the local top of around $82,000, has revealed what’s next for the leading crypto. He also explained why BTC is likely to set new lows over the coming months before potentially bottoming in this bear cycle.
Analyst Who Predicted The Bitcoin Crash Reveals What’s Next
In an X post, Tony stated that Bitcoin crashed from $82,000 for a reason, as the 200 MA has always been an important resistance level during bear markets. He also pointed to the 0.5 and 0.618 Fibonacci levels, where BTC was trading at. As for what’s next, the analyst indicated that Bitcoin is likely to decline further, noting a high probability it will set a new low during the summer months.
He also pointed to an alternative trap scenario where Bitcoin sees a fake breakout above $85,000 to lure retail traders in, followed by the same dump and a break to new lows. Whatever scenario plays out, Tony noted, it will not change the fact that BTC is in a bear cycle and will make new lows this year.
His accompanying chart showed that Bitcoin could still drop to around $50,000 by July, and also signaled that BTC could decline below $40,000 before it bottoms in this cycle. Meanwhile, in another X post commenting on the current price action, Tony noted that BTC has broken the ascending channel and is trading below the Ichimoku Cloud, a bearish signal.
Tony said that he is expecting a bounce from the $67,000 region into the $74,000 area, followed by a move to make new lows below $60,000. He further remarked that the bear trap is likely over and that the main trend is still down, which is why he expects new lows this year. He added that short-term bounces are possible, but a bull market is unlikely to happen anytime soon.
A Short-Term Bounce Could Occur Around This Region
In an X post, crypto analyst Colin stated that the range between $65,000 and $66,000 appears to be a reasonable support level for a short-term bounce. He noted that the bounce duration could be for weeks or a couple of months. However, the analyst added that BTC retesting $60,000 is still highly likely and that breaking low this year is still a possibility.
Colin stated that the February low of $60,000 is unlikely to be Bitcoin’s bottom in this bear cycle. He explained that BTC has always suffered losses of over 70% in past bear cycles, but the leading crypto has yet to record such a loss in this cycle from its October high of $126,000.
At the time of writing, the Bitcoin price is trading at around $66,300, down over 6% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Be the first to comment