Crypto Strategist Who Predicted Bitcoin Rejection At $70,000 Reveals Where Price Is Headed Next

Source Newsbtc

A crypto strategist who accurately predicted the current Bitcoin downtrend has shown where the price is headed from here. If the analyst’s prediction is anything to go by, then the decline in the crypto market may only just be in its beginning stages.

Bearish Indicators Pile Up For A Bitcoin Crash

Earlier this week, when the crypto market was still euphoric with the Bitcoin climb above $70,000, crypto analyst Xanrox was one of the few who called a possible decline in price. The analyst took to the TradingView website to share this analysis, where he showed that indicators point to a Bitcoin price retrace.

According to the analyst’s initial post, Bitcoin is going to crash in June and the reason lie in the price action that was seen in May. One of the indicators that Xanrox points to is the “FVGAP” that was created at $62,000, and as the analyst explains, this can signal a bullish trend for the digital asset. This is mainly because this gap that was created at $62,000 are filled out “sooner rather than later,” suggesting that the retrace could be happening soon.

Another indicator that the analyst points to is the Elliott Wave perspective, pointing out that the Bitcoin price has finished the first impulsive Wave 1. Naturally, as the market moves in waves, the next wave, Wave 2, is expected to be bullish. But that is not all, as Xanrox points out the creation of a corrective ABC pattern from here.

Last but not least, the analyst points out a small red trend line that has formed in the chart and is already breaking down. Such breakdowns in the trend line are bearish; add in the rising wedge pattern that the analyst sees in the chart, and it seems to be a perfect recipe for a decline.

Bitcoin price chart from Tradingview.com

Xanrox initially posted his analysis on Wednesday, May 29, and since then, the Bitcoin price has broken down below $68,000, suggesting this prediction could come to pass. As a result, the analyst has now updated the post, showing where the price could be headed next.

Next Steps For BTC

In the follow-up posts, Xanrox points out that another red trend line is now breaking down after the first. With two in a row, it paints a very negative picture from the Bitcoin price from here. Additionally, the crypto analyst revealed that the BTC price has formed a symmetrical triangle, which he expected to break down. When this happens, the price is expected to fall.

As for how far Bitcoin can fall from here, the analyst’s original chart shows a breakdown toward the $62,000 level. This would mean an over 10% decline in the price, something that could shake prices all across the market. “Currently, I am bearish, so be careful during the summer as the price action is not the most volatile for Bitcoin during this season,” the analyst warned.

As for Bitcoin, it is currently sitting just below $68,000, at the time of writing, with 2.7% losses in the last week. However, the monthly remains green for the pioneer cryptocurrency as it’s seeing 10.28% gains.

Bitcoin price chart from Tradingview.com
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Understanding the first crypto market crash of 2024 and what to expect nextThe 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
Author  FXStreet
Jan 04, Thu
The 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, Mon
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Gold price extends its decline below $2,500 on the US Dollar recoveryThe Gold price (XAU/USD) loses ground amid the stronger US Dollar (USD) and higher US Treasury bond yields on Tuesday.
Author  FXStreet
Sep 03, Tue
The Gold price (XAU/USD) loses ground amid the stronger US Dollar (USD) and higher US Treasury bond yields on Tuesday.
placeholder
Top XRP Ledger Dev Calls Out Ripple’s Leadership On Smart Contract PivotWietse Wind, founder of XRP Labs—one of the leading independent XRP Ledger development companies—has published an open letter to the community and Ripple.
Author  Bitcoinist
Sep 04, Wed
Wietse Wind, founder of XRP Labs—one of the leading independent XRP Ledger development companies—has published an open letter to the community and Ripple.
placeholder
Bitcoin (BTC) Price Struggles Put Short-Term Holders at a DisadvantageIn recent months, a cohort of Bitcoin (BTC) holders has been notably affected by the coin’s struggle to stabilize above $70,000. This group comprises short-term holders (STHs) — investors who have held the asset for less than 155 days.
Author  Beincrypto
Sep 06, Fri
In recent months, a cohort of Bitcoin (BTC) holders has been notably affected by the coin’s struggle to stabilize above $70,000. This group comprises short-term holders (STHs) — investors who have held the asset for less than 155 days.
goTop
quote