Despite the Bitcoin crash to $59,000 triggering extreme fear across the crypto market, not everyone is worried about the move. For some, this move was expected and means that the cryptocurrency’s price is actually going according to plan. One of those who sees this move as a good thing is crypto analyst Alex Mason, who expected this to happen and has revealed what the next steps are for the Bitcoin price.
The ‘Natural’ Trajectory For The Bitcoin Price
In Mason’s analysis, he explains what’s going on with the Bitcoin price and why it fell so much. With the bear market raging for over a year, the analyst explains that the recent crash means that the Bitcoin price is finally getting close to marking its bear market bottom.
With the most recent move, it means that the BTC price has now entered what the crypto analyst refers to as the final stage of the bear market. This is where the bear market forms and the crash to $59,000, followed by the recovery to $61,000, is actually confirmation that this is where the price is in this cycle.
Given that these two price points have played out, the crypto analyst predicts that the next move will be a more bullish one. This would mean a recovery to the $65,000 level. But this would not be the bullish confirmation that the market is waiting for.
Instead, the recovery will only set the stage for the next move, which would be a major crash to the $57,000 level. This would serve as initial support during the decline, but it will only end with a deeper correction into the $40,000s. Once the price finds support at $47,000, that is when the real move begins.
The move into the bullish territory from the $47,000 low is what is expected to carry the Bitcoin price back into 6-figure territory. At the top, the crypto analyst expects that the BTC price will reach $200,000, meaning an over 200% increase.
The crypto analyst has previously called out this move, using the Bitcoin Rainbow Chart to map out the movement. The previous analysis puts the Bitcoin top even higher than $200,000, suggesting that it will reach $400,000 at the top of the cycle in 2029.
Featured image from Dall.E, chart from TradingView.com
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