bitcoin has been in a remarkable state of flux recently after recovering from the drop below $60,000 and establishing support above $61,000. However, with the pioneer cryptocurrency failing to completely break through important resistance points such as $63,500, bearish sentiment continues to dominate the market. Amidst this, one cryptocurrency analyst has predicted that bitcoin’s fall is far from over, forecasting much lower figures than anticipated.
Cryptocurrency analyst warns of possible bitcoin price drop to $35,000
In a new analysis of the bitcoin price, cryptocurrency analyst Alan Santana has bitcoin-Updated-Correction-Numbers-Maximum-Pain-Point/”>foretold A possible price crash in the near future. The analysis, which was published on the TradingView website, takes into account the cryptocurrency's past performance and identifies several points, such as a point of maximum pain.
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Santana notes that for bitcoin, the biggest pain point currently lies between the 0.618 and 0.786 Fibonacci retracement levels. This means that, according to this analysis, the bitcoin price is far from bottoming out, as the Fibonacci retracement levels are still very low at present.
Based on this, the cryptocurrency analyst believes that the price will continue to fall and that the point of greatest pain will be located between $34,900 and $42,855. According to this prediction, it means that the price of bitcoin could fall by up to 45% from its current level if it materializes.
Interestingly, despite expecting such a massive price drop, the cryptocurrency analyst does not believe the price will fall any further. In fact, he notes that the bitcoin price will never fall below the $30,000 level again.
To close the analysis with some words for investors and traders, the cryptocurrency analyst advises: “Update your numbers, update your operations, update everything. These are the new numbers.”
Not everyone is a bassist
While Alan Santana’s prediction is very bearish for the bitcoin price, not all analysts have opted for the negative path. In fact, with the btc price dropping by 20%, some cryptocurrency analysts believe that the worst is over and that the pioneering cryptocurrency will experience a rebound soon.
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One of the cryptocurrency analysts who predicts a price rally is Doctor bitcoin, who also aware According to his analysis on the TradingView website, according to the cryptocurrency analyst, this is actually the time to buy btc due to a harmonic pattern that has appeared on the chart, which points to a bullish reversal pattern. For the target, Doctor bitcoin has predicted a possible rise to $85,000, which would be a move of around 35% from the current price point.
At the time of writing, the price of bitcoin is at $62,800, showing an increase of 2.26% in the last 24 hours.
Featured image created with Dall.E, chart from Tradingview.com
